(Answered) Question medlock inc accepts from gates stores a 6 500

Accounting

Question: Medlock. Inc. accepts from Gates Stores a $6, 500. 4-month, 6% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30.

Calculate the Interest payable at maturity. (Round answer to 0 decimal places, e.g. $155.)

What entry does Medlock. Inc. make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Round answer to 0 decimal places, e.g. 152.)

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