Chrome File Edit View History Bookmarks People Window Help 4) 3%D Sat 8:52 PM Q

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Chrome File Edit View History Bookmarks People Window Help 4) 3%D Sat 8:52 PM Q E CengageNOWv2 Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilrn/takeAssignment takeAssignmentMain.doPinvokers&takeAssignmentSessionLocator;=assignment-takeBinprogress-false Chapter 8 Assignment eBook Show Me How Calculator Entries for Notes Recelvable 1. BE.08-03.ALGO 2. EX.08-03.ALGO 3. EX.08-04.ALGO 4. EX.08-13.BLANKSHEET.AL.. 5. EX.08-19 6. EX.08-20.ALGO 7. PR.08-01 8. PR.08-04.ALGO Valley Designs issued a 90-day, 896 note for $24,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the 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 Bork 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. Check My Work Previous Next Progress: 6/8 items

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Statementshowing Computations Paticulars Amount a) Due date of the note = 8 days in April + 31 days in may + 30 days in June + 21 days in Jul 21-Jul b) Maturity value of note = 24000 + 24000*8%*90/360            24,480.00 c) Dr Cr Account Payable dr            24,000.00 To Note payable            24,000.00 Note payable DR            24,000.00 Interest expense DR                  480.00 To Cash            24,480.00

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