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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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Presented below is the trial balance of the Crestwood Golf Club, Inc. as of December 31. The books are closed annually on December 31. CRESTWOOD GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit. Instructions prepare a balance sheet with assests..
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