Problemmr potts issued a 90-day 7 note for 200000 dated, Ask an Expert

Accounting

Problem

Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3rd to Valley Co. on account. (Assume a 360-day year when calculating interest.)

1. Determine the due date of the note.
2. Determine the interest. Determine the maturity value of the note.
3. Journalize the entry to record the issuance of the note by Potts on Feb. 3.
4. Journalize the entry to record the receipt of payment of the note at maturity by Valley Co.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92759260

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