Question: Magpie Interior Decorators issued a 120-day, 6% note for $24,000, dated April 10, to Peel's Furniture Company on account. a. Determine the due date of

Magpie Interior Decorators issued a 120-day, 6% note for $24,000, dated April 10, to Peel's 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 the payee

(2) Receipt by the payee of payment of the note at maturity.


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