Entries for Notes Receivable

Spring Designs & Decorators issued a 120-day, 9% note for $42,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating interest.

a. Determine the due date of the note.

b. Determine the maturity value of the note. $fill in the blank

c1. Journalize the entry to record the receipt of the note by Jaffe Furniture.

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c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.

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