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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 55
Entries for notes receivable
Valley Designs issued a 120-day, 5% note for $60,000 dated April 15 to Bork 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 Bork Furniture and (2) receipt of payment of the note at maturity.
Valley Designs issued a 120-day, 5% note for $60,000 dated April 15 to Bork 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 Bork Furniture and (2) receipt of payment of the note at maturity.
Explanation
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Verified
Note Receivable:
A Promissory Note is r...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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