Question: Mr. Potts issued a 90-day, 7 % note for $200,000, dated February 3 to Valley Co, on account. (Assume a 360-day year when calculating

Mr. Potts issued a 90-day, 7 % note for $200,000, dated February

Mr. Potts issued a 90-day, 7 % note for $200,000, dated February 3 to Valley Co, on account. (Assume a 360-day year when calculating interest.) Required: a. Determine the due date of the note b. Determine the interest c. Determine the maturity value of the note 13 d. Journalize the entry to record the receipt of the note from Potts on Feb. 3.* e Journalize the entry to record the receipt of payment of the note at maturity by Valley Co "Refer to the Chart of Accounts for exact wording of account titles

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