A. Spring Designs Decorators issued a 180-day, 6% note for $76,800, dated April

Question

A. Spring Designs Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value The amount that is due at the maturity or due date of a note. of the note. Assume a 360-day year when calculating interest. C. Journalize the entries to record the following: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. A. Spring Designs Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe Furniture Company on account. Required: A. Determine the due date of the note. B. Determine the maturity value The amount that is due at the maturity or due date of a note. of the note. Assume a 360-day year when calculating interest. C. Journalize the entries to record the following: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Required: The amount that is due at the maturity or due date of a note. The amount that is due at the maturity or due date of a note. The amount that is due at the maturity or due date of a note. A. Determine the due date of the note. B. Determine the maturity value The amount that is due at the maturity or due date of a note. of the note. Assume a 360-day year when calculating interest. C. Journalize the entries to record the following: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.

Explanation / Answer

A Due date October 10 B Maturity value = 76800+(76800*6%/360*180)= 79104 C 1 Notes Receivable 76800           Accounts Receivable 76800 2 Cash 79104        Notes Receivable 76800        Interest Revenue 2304

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