Mr. Potts issued a 90-day, 7% note for $200,000, dated Febru…

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.

On April 2, Granger Sales decides to establish a $125 petty…

On April 2, Granger Sales decides to establish a $125 petty cash fund to relieve the burden on Accounting. (a) Journalize the establishment of the fund (b)On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 cash left in cash box. Journalize the replenishment of the fund (c)On April 11, Granger Sales decides to increase petty cash to $200. Journalize this event.