Question: Autumn Designs & Decorators issued a 120-day, 10 % note for $90,200, dated April 13 to Zebra Furniture Company on account. Required: a. Determine the
Autumn Designs & Decorators issued a 120-day, 10 % note for $90,200, dated April 13 to Zebra Furniture Company on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. (1) Joumalize the entry to record the receipt of the note by Zebra Furniture. Refer to the chart of accounts for the exact wording of the account titles. CNOW jour not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a amount is entered. JOURNAL ACCOUNTING EQUATIO DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES c. (2) Journalize the entry to record the receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNO do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries, CNOW journals will automatically indent a credit entry wh amount is entered. JOURNAL ACCOUNTING EQUATIO DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES
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