Valley designs issued a 120-day, 4% note for $76,800, dated april 15 to bork furniture company on account.

required:

a. determine the due date of the note.

b. determine the maturity value of the note. assume a 360-day year. round your answer to the nearest dollar.

c. journalize the entries to record the following: (1) receipt of the note by bork furniture and (2) receipt of payment of the note at maturity. refer to the chart of accounts for exact wording of account titles. round your answer to the nearest dollar.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

It would be choice c (1040ez)