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