Hi, I need help with this thank you Entries for Notes Valley Designs issued a 90

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Hi,
I need help with this
thank you

Entries for Notes Valley Designs issued a 90-day, 12% note for $66,000 dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when computing the a. Determine the due date of the note uly 16 b. Determine the maturity value of the note c1. Journalize the entry to record the receipt of the note by Bork Furniture Notes Receivable 85.800 >X 85,800 X c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank 85.800 X Interest Revenue y f } v { 17,820] x Next 8-10 PM /28/2018

Explanation / Answer

Req a; Due date of Note: 16-Jul Req b: Amount of notes receivable 66,000 Rate of interest 12% Preiod of note 90 days Interest (66000*12%*90/360) 1,980 Total maturity value: Amount of Notes receivable 66,000 Add: Interest 1,980 Maturity value 67,980 Req c: Journal entry: Notes receivable Dr. 66,000       Accounts receivable-valley Designs 66,000 Req c-2 Journal entry: Cash Account Dr. 67,980       Notes receivable Account 66,000       Interest revenue 1,980

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