First Questions a Determine the due date of the note b. Determine the maturity value of the note. Assume a 360-day year when calculating interest Do not round your intermediate calculations and round your final answer to the nearest dollar. Autumn Designs & Decorators issued a 120-day, 5% note for $82,600, dated April 13 to Zebra 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. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Journal c. (1) Journalize the entry to record the receipt of the note by Zebra Furniture. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered JOURNAL PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY DATE DESCRIPTION POST REF DEBIT CREDIT 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 Chart of Accounts ASSETS CHART OF ACCOUNTS Zebra Furniture Company General Ledger 110 Cash 111 Petty Cash 121 Accounts Receivable- Autumn Designs & Rauma Decorators 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance riepau 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 R EXPENSE 510 Cost of M Sold 520 Sales Sal 521 Advertisin Hoverosa 522 Deprecia Store Equ 523 Delivery E Carry 524 Repairs E sex nepais 529 Selling Ex Sea Sunny 550 Otice sam 530 Office Sall 531 Rent Exp 532 Deprecia Office Equ Once we 555 Misurance 533 Insurance 534 Office Sup 535 Store Sup 536 Credit Ca 537 Cash She 538 Bad Debt 539 Miscellan 710 Interest E

First Questions a Determine the due date of the note b. Determine the maturity value of the note. Assume a 360-day year when calculating interest Do not round your intermediate calculations and round your final answer to the nearest dollar. Autumn Designs & Decorators issued a 120-day, 5% note for $82,600, dated April 13 to Zebra 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. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Journal c. (1) Journalize the entry to record the receipt of the note by Zebra Furniture. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered JOURNAL PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY DATE DESCRIPTION POST REF DEBIT CREDIT 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 the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 Chart of Accounts ASSETS CHART OF ACCOUNTS Zebra Furniture Company General Ledger 110 Cash 111 Petty Cash 121 Accounts Receivable- Autumn Designs & Rauma Decorators 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance riepau 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 R EXPENSE 510 Cost of M Sold 520 Sales Sal 521 Advertisin Hoverosa 522 Deprecia Store Equ 523 Delivery E Carry 524 Repairs E sex nepais 529 Selling Ex Sea Sunny 550 Otice sam 530 Office Sall 531 Rent Exp 532 Deprecia Office Equ Once we 555 Misurance 533 Insurance 534 Office Sup 535 Store Sup 536 Credit Ca 537 Cash She 538 Bad Debt 539 Miscellan 710 Interest E

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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