Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. b. Determine the maturity value of the note. c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not reguire an entry, leave it blank. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. b. Determine the maturity value of the note. c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not reguire an entry, leave it blank. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi i know that there is a limite on the questions you can answer from a to c if that case applies to that question can you start from b to c
Transcribed Image Text:Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest.
a. Determine the due date of the note.
b. Determine the maturity value of the note.
c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not reguire an entry, leave it blank.
c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. Assume a 360-day year when calculating interest.
a. Determine the due date of the note.
b. Determine the maturity value of the note.
c1. Journalize the entry to record the receipt of the note by Zebra Furniture. If an amount box does not reguire an entry, leave it blank.
c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Allowance for Doubtful ACcounts
Bad Debt Expense
Cash
Interest Payable
Interest Revenue
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