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Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest. A. Determine the due date of the note. _______ B. Determine the maturity level of the note. $ _______ C1. Journalizing entry to record the receipt of the note by Jaffe furniture.  ____________ ____________ 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. __________ __________ __________

Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest. A. Determine the due date of the note. _______ B. Determine the maturity level of the note. $ _______ C1. Journalizing entry to record the receipt of the note by Jaffe furniture.  ____________ ____________ 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. __________ __________ __________

FINANCIAL ACCOUNTING
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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Entries for notes receivable

Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest.

A. Determine the due date of the note.

_______

B. Determine the maturity level of the note.

$ _______

C1. Journalizing entry to record the receipt of the note by Jaffe furniture.

 ____________

____________

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.

__________

__________

__________

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