Question: Master Designs Decorators issued a 180-day, 4% note for $76,800, dated May 14, 2016, to Morgan Furniture Company on account. Required: A. Determine the due

Master Designs Decorators issued a 180-day, 4% note for $76,800, dated May 14, 2016, to Morgan Furniture Company on account.

Required:

Determine the due date of the note.

Determine the maturity value of the note.

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.

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2

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