Mini Microphones accepts a $35,000, 6% interest, 90 day note in payment of a past due accounts receivable on June 1.
a) Record the journal entry required on June 1.
| Date | Description | Debit | Credit |
|---|---|---|---|
| June 1 | |||
| June 1 |
b) What is the maturity date?
| Number of days in Note | |
| - Days remaining in June | |
| - Days remaining in July | |
| Days left in August |
Maturity date:
c) The note is paid at maturity. Record the journal entry required.
| Date | Description | Debit | Credit |
|---|---|---|---|
| Maturity | |||
| Maturity | |||
| Maturity |
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