South Bay Interior Decorators issued a 90 day, 6 note for $40,000, dated April 15, to Miami Furniture Company on account b Determine the maturity value of the note c Journalize the entries to record the following (1) receipt of the note by Miami Furniture and (2) receipt of payment of the note at m...

b c Journalizing the entries Determini ...

South Bay Interior Decorators issued a 90-day, 6% note for $40,000, dated April 15, to Miami Furniture

Question:

South Bay Interior Decorators issued a 90-day, 6% note for $40,000, dated April 15, to Miami Furniture Company on account.
b. Determine the value of the note.
c. Journalize the entries to record the following: (1) receipt of the note by Miami 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...