Master Designs Decorators issued a 180 day, 6 note for $75,000, dated May 14, 2016, to Morgan 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 Morgan Furniture and...

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Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan Furniture

Question:

Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan 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 Morgan
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...