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Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account. (Assume a 360-day year when
Posted: Sun Jul 03, 2022 1:06 pm
by answerhappygod
- Mr Potts Issued A 90 Day 7 Note For 200 000 Dated February 3 To Valley Co On Account Assume A 360 Day Year When 1 (24.39 KiB) Viewed 10 times
Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note.. b. Determine the interest. c. Determine the maturity value of the note. d. Journalize the entry to record the receipt of the note from Potts on February 3. e. Journalize the entry to record the receipt of payment of the note at maturity by Valley Co. If an amount box does not require an entry, leave it blank.