Valley Designs issued a 120-day, 10% note for $90,200, dated April 10 to Bork Furniture Company on account.

Required:

	a. Determine the due date of the note.
	b. Determine the maturity value of the note.
	c. Journalize the entries to record the following: (1) receipt of the note by Bork Furniture and (2) receipt of payment of the note at maturity.

c. (1) Journalize the entry to record the receipt of the note by Bork Furniture.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

c. (2) Journalize the entry to record the receipt of payment of the note at maturity.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3