Valley Designs issued a 120-day, 4% note for $76,800, dated April 20 to Bork 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. Round your answer to the nearest dollar.
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. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.

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. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.

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	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. Refer to the Chart of Accounts for exact wording of account titles. Round your answer to the nearest dollar.

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JOURNAL

ACCOUNTING EQUATION

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