Holsten Interior Decorators issued a 90 day, 9 note for $30,000, dated May 20, to Maderia Furniture Company on account a Determine the due date of the note b Determine the maturity value of the note c Journalize the entries to record the following (1) Receipt of the note by Maderia Furniture and (2...

a August 18 11 30 31 18 b 30675 30000 009 ...

Holsten Interior Decorators issued a 90-day, 9% note for $30,000, dated May 20, to Maderia Furniture Company

Question:

Holsten Interior Decorators issued a 90-day, 9% note for $30,000, dated May 20, to Maderia Furniture Company on account.
a. Determine the due date of the note.
b. Determine the value of the note.
c. Journalize the entries to record the following:
(1) Receipt of the note by Maderia Furniture and
(2) Receipt of payment of the note at Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...