EX 8-20 Entries for notes receivable OBJ. 6 Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan Furniture Company on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entries to record the following: (1) receipt of the note by Morgan Furniture and (2) receipt of payment of the note at maturity.

EX 8-20 Entries for notes receivable OBJ. 6 Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan Furniture Company on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entries to record the following: (1) receipt of the note by Morgan Furniture and (2) receipt of payment of the note at maturity.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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