Grammy stores accepts from leonard co a 4500 90-day 6 note, Ask an Expert

Accounting

Grammy Stores accepts from Leonard Co. a $4500, 90-day, 6% note dated May 10 in settlement of Leonard's overdue account.

(a) What is the maturity date of the note?

(b) What entry does Gambit make at the maturity date, assuming Leonard pays the note and interest in full at that time?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9991287

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