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olivebuffalo913Lv1

28 Sep 2019

A.

Spring Designs Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe Furniture Company on account.

Required:

A. Determine the due date of the note.

B. Determine the maturity value

The amount that is due at the maturity or due date of a note.

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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Collen VonLv2

28 Sep 2019

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Related questions

Spring Designs Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture Company on account.

Required:

Determine the due date of the note.

Determine the maturity value of the note. Assume a 360-day year when calculating interest.

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.

CHART OF ACCOUNTS

Jaffe Furniture Company

General Ledger

	ASSETS
110	Cash
111	Petty Cash
121	Accounts Receivable-Spring Designs Decorators
129	Allowance for Doubtful Accounts
132	Notes Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Store Equipment
192	Accumulated Depreciation-Store Equipment
193	Office Equipment
194	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
213	Sales Tax Payable
214	Interest Payable
215	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
520	Sales Salaries Expense
521	Advertising Expense
522	Depreciation Expense-Store Equipment
523	Delivery Expense
524	Repairs Expense
529	Selling Expenses
530	Office Salaries Expense
531	Rent Expense
532	Depreciation Expense-Office Equipment
533	Insurance Expense
534	Office Supplies Expense
535	Store Supplies Expense
536	Credit Card Expense
537	Cash Short and Over
538	Bad Debt Expense
539	Miscellaneous Expense
710	Interest Expense

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. (1) Journalize the entry to record the receipt of the note by Jaffe Furniture. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

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. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

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

ochreoyster775

Good Day Service Center received a 120 day, 6% note for $50,000, dated April 12, 20XX from a customer on account. Determine the (a) due date of the note, (b) the maturity value of the note, and (c) the journal entry to record the receipt of the payment of the note at maturity. Use a 360 day year

ceruleanrhinoceros68

Flush Mate Co. wholesales bathroom fixtures. During the currentfiscal year, Flush Mate Co. received the following notes:

	Date	FaceAmount	Term	Interest Rate
1.	Mar. 6	$79,600	45days	6%
2.	Apr. 23	27,900	60days	8%
3.	July 20	41,500	120days	7%
4.	Sept. 6	51,500	90days	8%
5.	Nov. 29	30,800	60days	7%
6.	Dec. 30	69,300	30days	5%

Required:

Determine for each note (a) thedue date and (b) the amount of interest due at maturity,identifying each note by number. (Note: Round eachinterest computation to the whole dollar.)

Journalize the entry to recordthe dishonor of Note (3) on its due date. Refer to the Chart ofAccounts for exact wording of account titles.

Journalize the adjusting entryto record the accrued interest on Notes (5) and (6) on December 31.Refer to the Chart of Accounts for exact wording of accounttitles.

Journalize the entries to record the receipt of the amountsdue on Notes (5) and (6) in January. Refer to the Chart of Accountsfor exact wording of account titles.

Starting Queston

1. Determine for each note (a) the due date and (b) the amountof interest due at maturity, identifying each note by number.(Note: Round each interest computation to thewhole dollar.)

Note	DueDate	Interest Due at Maturity
1.		$
2.		$
3.		$
4.		$
5.		$
6.		$

Journal

Flush Mate Co. wholesales bathroom fixtures. During the currentfiscal year, Flush Mate Co. received the following notes:

	Date	FaceAmount	Term	Interest Rate
1.	Mar. 6	$79,600	45days	6%
2.	Apr. 23	27,900	60days	8%
3.	July 20	41,500	120days	7%
4.	Sept. 6	51,500	90days	8%
5.	Nov. 29	30,800	60days	7%
6.	Dec. 30	69,300	30days	5%

	Required:
1.	Determine for each note (a) thedue date and (b) the amount of interest due at maturity,identifying each note by number. (Note: Round eachinterest computation to the whole dollar.)
2.	Journalize the entry to recordthe dishonor of Note (3) on its due date. Refer to the Chart ofAccounts for exact wording of account titles.
3.	Journalize the adjusting entryto record the accrued interest on Notes (5) and (6) on December 31.Refer to the Chart of Accounts for exact wording of accounttitles.
4.	Journalize the entries torecord the receipt of the amounts due on Notes (5) and (6) inJanuary. Refer to the Chart of Accounts for exact wording ofaccount titles.

Starting Question

1. Determine for each note (a) the due date and (b) the amountof interest due at maturity, identifying each note by number.(Note: Round each interest computation to thewhole dollar.)

Note	DueDate	Interest Due at Maturity
1.		$
2.		$
3.		$
4.		$
5.		$
6.		$

Journal

2. Journalize the entry to record the dishonor of Note (3) onits due date. Refer to the Chart of Accounts for exact wording ofaccount titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT
1
2
3

3. Journalize the adjusting entry to record the accrued intereston Notes (5) and (6) on December 31. Refer to the Chart of Accountsfor exact wording of account titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT
1
2

4. Journalize the entries to record the receipt of the amountsdue on Notes (5) and (6) in January. Refer to the Chart of Accountsfor exact wording of account titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8

viridiancaribou992

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Homework Help 3,900,000

Accounting 580,000

A.	Determine the due date of the note.
B.	Determine the maturity value The amount that is due at the maturity or due date of a note. 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.