Entries for Notes Recelvable valley Designs issued a 90-day, 9% note for s60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 16 . Determine the maturity value of the note. Fe The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is exgressed as days. Assume a 360 day vear. The maturity value is the amount that must be paid at the due date of the note. a. Joumalize the entry to record the receipt of the note by Bork Fumiture. f an amount box does not require an entry, leave it blank. Notes Receivablev 88 Accounts Recelvable-Valley Designs
Entries for Notes Recelvable valley Designs issued a 90-day, 9% note for s60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 16 . Determine the maturity value of the note. Fe The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is exgressed as days. Assume a 360 day vear. The maturity value is the amount that must be paid at the due date of the note. a. Joumalize the entry to record the receipt of the note by Bork Fumiture. f an amount box does not require an entry, leave it blank. Notes Receivablev 88 Accounts Recelvable-Valley Designs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Chapter 08 Homework (Application)
eBook
Show Me How
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1. EX 08.01
Feedak
2. EX 08.02 ALGO
TCheck My Work
The account receivable must be removed from the books and the newly issued note receivable recorded.
3. EX 08.03 ALGO
4. EX 08.04 ALGO
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.
Cash
Notes Receivable v
5. EX 08.06 ALGO
6. EX 08.07
Interest Revenue v
7. EX 08 20 ALGO
Feed
8. PR.08.02A BLANKSHEET
YCheck My Work
At the due date, the company records the receipt of payment on the note.
Feedback
Check My Work
Partialy correct

Transcribed Image Text:Chapter 08 Homework (Application)
Show Me How
eBook
Calculator
Entries for Notes Receivable
1. EX.08.01
Valley Designs issued a 90-day, 9% note for $60,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when
2. EX.08.02 ALGO
computing the interest.
3. EX.08.03 ALGO
a. Determine the due date of the note.
July 16 v
4. EX.08.04 ALGO
b. Determine the maturity value of the note.
5. EX.08.06 ALGO
6. EX 08.07
Feedhack
7. EX.08.20 ALGO
YChec My Work
The due date is the date the note is to be paid.
8. PR.08.02A BLANKSHEET
Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360 day year. The maturity value is
the amount that must be paid at the due date of the note.
c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank.
Notes Receivable v
Accounts Receivable-Valley Designs v
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