The following transactions relate to the business of Richmond Raleigh Ltd.

1.    A bill dated 6 July provided for payment after 90 days of $4000 plus interest at 10% p.a. was received on 6 July.

2.    On 6 April, the company received a 90-day, 10% acceptance covering the amount owing by

F.    French, the acceptor, for $6000.

3.    The club received a 60-day, 8% promissory note dated 9 March for a debt of $8000 from a customer, and discounted it at 10% at the bank after 30 days.

Required

A. What is the maturity value and maturity date of the bill in (1) above? Give the general journal entry to record the receipt of the bill.

B. Refer to the details provided in (2) above. Show the general journal entries to record receipt of the bill and its collection at its maturity date.

C. Refer to the details provided in (3) above. Show the general journal entries to record receipt of the bill and the discounting of the bill.