Valley Co. received a $200,000, 90-day, 7% note, dated February 3, from Mr. Potts in payment of his account receivable. (Assume a 360-day year when calculating interest.)

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a. Determine the due date of the note.

February 3May 4May 11April 30

b. Determine the interest. fill in the blank 1 of 2$

c. Determine the maturity value of the note. fill in the blank 2 of 2$

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d. Journalize the entry for the receipt of the note from Potts on February 3. If an amount box does not require an entry, leave it blank.

blank	Account	Debit	Credit
blank	CashInterest ExpenseInterest PayableNotes PayableNotes Receivable-Mr.Potts	- Select -	- Select -
	CashInterest ExpenseAccounts Receivable-Mr.PottsNotes PayableNotes Receivable-Mr.Potts	- Select -	- Select -

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e. Journalize the entry for the receipt of payment of the note at maturity by Valley Co. If an amount box does not require an entry, leave it blank.

blank	Account	Debit	Credit
blank	CashInterest ExpenseInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -
	CashInterest PayableNotes PayableNotes Receivable-Mr.PottsSales	- Select -	- Select -
	CashInterest ExpenseInterest ReceivableInterest RevenueNotes Payable	- Select -	- Select -