7. Blackwell Industries received a 120-day 9% note for $180000 dated August 1

7. Blackwell Industries received a 120-day 9% note for
$180000 dated August 10 from a customer on account. Required:

1.

Determine the due date of the note.

2.

Determine the maturity value of the note.

3.

Journalize the entry to record the receipt of the payment of the note at maturity.

8.Determine the due date
and amount of interest due at maturity on the following notes:

Origination

Face

Term

Interest

Maturity

Interest

Date

Amount

of Note

Rate

Date

Amount

(a)

Mar 15

$8000

60 days

9%

_______

_______

(b)

May 1

$12000

90 days

8%

_______

_______