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Journalize: Valley Designs issued a 120-day, 5% note for $60,000 dated April 15 to Bork...

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Accounting

Journalize: Valley Designs issued a 120-day, 5% note for $60,000 dated April 15 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.

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.

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