Valley Designs a 120day, 7% note for $65,400 dated April 20 to Bork Furniture Company on account. Required: Determine the due date of the note B. Determine the maturity value of the note Assume a 360-day year. Round your answer to the nearest dollar Joumalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.

Valley Designs issued a 120-day, 7% note for $65,400, dated April 20 to Bork Furniture Company on account. Required: A. Determine the due date of the noko. B. Determine the maturity value of the note. Assume a 360-day your. Round your answer to the nearest dollar. C. Journalize the entries to record the following: (1) receipt of the noto by Bork Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar. ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable-Valley Designs 129 Allowance for Doubtful Accounts EXPENSES 132 Notes Receivable 510 Cost of Merchandise Sold 520 Sales Salaries Expense 141 Merchandise Inventory 145 Office Supplies 521 Advertising Expense 146 Store Supplies 522 Depreciation Expense-Store Equipment 151 Prepaid Insurance 523 Delivery Expense 181 Land 524 Repairs Expense 191 Store Equipment 529 Selling Expenses 530 Office Salaries Expense 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable art of Accounts 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 194 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 537 Cash Short and Over 214 Interest Payable 538 Bad Debt Expense 215 Notes Payable 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day year. Round your answer to the nearest dollar. C. (1) Journalize the entry to record the receipt of the note by Bork Furniture Rodor to the Chart of Accounts for exact wording of account nises. Round your answer to the nearest dollar PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES DEBIT CREDIT LIABILITIES ASSETS EQUITY 1 2 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 sities. Round your answer to the nearest dollar PAGE 1 ACCOUNTING EQUATION JOURNAL CREDIT DEBIT ASSETS LIABILITIES EQUITY DATE DESCRIPTION Post her 1 2