Spring Designs Decorators issued a 180-day, 6% note for $76,800, dated April 13
ID: 2578402 • Letter: S
Question
Spring Designs Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe Furniture Company on account.
Required:
. Determine the due date of the note.
B. Determine the maturity value of the note. Assume a 360-day year when calculating interest.
C. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
ACCOUNTING EQUATION
1
2
3
A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year when calculating interest. C. Journalize the entries to record the following: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.. Determine the due date of the note.
B. Determine the maturity value of the note. Assume a 360-day year when calculating interest.
C. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY1
2
3
Explanation / Answer
Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up Statementshowing Computations Paticulars Amount A) Issue Date 13-Apr Time period in days 180.00 Due date of the note = 17for april +31 for May+30 for june + 31 for July +31 for August + 30 for Sep + 10 for Oct 10-Oct B) Interest = 76,800*6%*180/360 2,304.00 Maturity Value = 76800 + 2304 79,104.00 c) Note receivable Dr 76,800.00 To Account receivable 76,800.00 Cash DR 79,104.00 To Note receivable 76,800.00 To Interest Income 2,304.00
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