Question: 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

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.) a. Determine the due date of the note. b. Determine the interest. c. Determine the maturity value of the note. 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. 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.

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 vear when calculating interest.) a. Determine the due date of the note. b. Determine the interest. c. Determine the maturity value of the note. d. Journasize 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. 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

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