Chapter 10 Practice Problems Exchanging an Account for a Note Payable: 1) Prepare the journal entry for the issuance of the note payable. 2) Calculate the maturity date. 3) Calculate the maturity value. 4) Prepare the journal entry for payment of the note at the maturity date. Problem #2 [Exchanging Accounts Payable for Note Payable] Sept 21, purchased merchandise on account from XYZ Company, $80,000, terms, n/30. DATE ACCOUNTS DR CR Oct 21, issued a 45-day 5% note for $80,000 to XYZ Company on account. DATE ACCOUNTS DR CR DATE ACCOUNTS DR CR