Question: Entries for notes receivable Instructions Master Designs Decorators issued a 180-day, 9% note for $88,400, dated May 14, 2016, to Morgan Furniture Company on account.

Entries for notes receivable

Entries for notes receivable Instructions Master Designs Decorators issued a 180-day, 9%

note for $88,400, dated May 14, 2016, to Morgan Furniture Company on

account. Required: 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 (2)

Instructions Master Designs Decorators issued a 180-day, 9% note for $88,400, dated May 14, 2016, to Morgan Furniture Company on account. Required: 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 (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles

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