The Watertown Bank lent Sandy's Pastry Store $40,000 on a 4 month, 7% note dated May 31, 2017. The fiscal year end of the bank is June 30. Round all amounts to the nearest dollar.
Required:
1. Determine the due date of the note.
2. Determine the maturity value of the note.
3. Prepare the journal entries made by the bank. Omit explanations.

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The Answer of The Watertown Bank lent Sandy's Pastry Store $40,000 on a 4 month, 7% note dated May 31, 2017. The fiscal year end of the bank is June 30. Round all amounts to the nearest dollar.
Required:
1. Determine the due date of the note.
2. Determine the maturity value of the note.
3. Prepare the journal entries made by the bank. Omit explanations.

The Watertown Bank Lent Sandy's Pastry Store $40,000 on a 4