Master designs decorators issued a 180-day 6 note for 75000, Financial Accounting

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Master designs decorators issued a 180-day 6 note for 75000

Master Designs Decorators issued a 180-day, 6% note for $75,000, dated May 14, 2016, to Morgan Furniture Company on account.

Required:

A. Determine the due date of the note.

B. Determine the maturity value of the note.

C. Journalize the entries to record the following: (1) receipt of the note by Morgan 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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Financial Accounting: Master designs decorators issued a 180-day 6 note for 75000

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Financial Accounting: Master designs decorators issued a 180-day 6 note for 75000

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