Question: Spring Designs & Decorators issued a 180-day, 10% note for $90,200, dated April 13 to Jaffe Furniture Company on account Required: A. Determine the due



Spring Designs & Decorators issued a 180-day, 10% note for $90,200, dated April 13 to Jaffe Furniture Company on account Required: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year when calculating interest C. Joumalize the entries to record the following: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles Chart of Accounts Starting Questions Journal Instructions Instructions Starting Questions Sp A. Determine the due date of the note e note a B. Determine the maturity value of the note. Assume a 360-day year when calculating interest. C (1) Jounalize the entry to record the receipt of the note by Jafe Fumiture. Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL ACCOUNTING EQUATION DEBIT DATE DESCRIPTION POST REF LIABILITIES CREDIT ASSETS EQUITY C. (2) Journalize the entry to record the receipt of payment of the note at maturity Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST, REF DEBIT CREDIT LIABIUITIES ASSETS EQUITY
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