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Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 6% note for $36,000, dated...

Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 6% note for $36,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c1. Journalize the entry to record the receipt of the note by Jaffe Furniture. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.

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Answer #1

a) Due date of the Note:- 11th of August

b) maturity value of note:- $36720

S.No. Date Account Title & Description Debit Credit
C1 Apr 13 Notes receivable 36000
Accounts Receivable-Spring Design & Decorators 36000
Note for spring Design & Decorator's balance
c2 aug 11 Cash 36720
Notes Receivable 36000
interest revenue 720
Note collected-Spring Design & Decorator

Interest calculated for 120 days @ 6% P.A.

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