Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. $___ Question Content Area 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 - Select - 0 accounts receivable - valley designs 0 - Select - Question Content Area 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 - Select - 0 notes receivable 0 - Select - interest revenue 0 - Select -
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest.
Question Content Area
a. Determine the due date of the note.
b. Determine the maturity value of the note.
$___
Question Content Area
c1.
| notes receivable |
|
- Select - | 0 |
|
|
0 | - Select - |
Question Content Area
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 |
|
- Select - | 0 |
| notes receivable |
|
0 | - Select - |
| interest revenue |
|
0 | - Select - |
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