The Watertown Bank lent Sandy's Pastry Store $40,000 on a sixty day,7% note dated June 10th.Use a 365 day year when calculating interest and round all amounts to the nearest dollar.The fiscal year end of the bank is June 30.
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 sixty day,7% note dated June 10th.Use a 365 day year when calculating interest and round all amounts to the nearest dollar.The fiscal year end of the bank is June 30.
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 Sixty