Question

Spring Designs & Decorators issued a 180-day, 10% note for $90,200, dated April 13 to Jaffe...

Spring Designs & Decorators issued a 180-day, 10% note for $90,200, dated April 13 to Jaffe 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 when calculating interest.
C. Journalize the entries to record the following: (1) receipt of the note by Jaffe Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
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