Question: Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account. a). Determine the due date

Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe Furniture Company on account.

a). Determine the due date of the note.

b). Determine the maturity value of the note.

c). Journalize the entries to record the following:

  • receipt of the note by Jaffe Furniture 
  • receipt of payment of the note at maturity.

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