What entry does Pharoah Company 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 answers to 0 decimal places, e.g. 5,275.)
| Account Titles and Explanation | Debit | Credit |
|---|---|---|
| enter an account title to record the collection of Gates note and interest | enter a debit amount | enter a credit amount |
| enter an account title to record the collection of Gates note and interest | enter a debit amount | enter a credit amount |
| enter an account title to record the collection of Gates note and interest | enter a debit amount | enter a credit amount |
Calculate the interest payable at maturity. (Round answer to 0 decimal places, e.g. 5,275.)
| Interest payable at maturity | $enter the interest payable at maturity in dollars rounded to 0 decimal places |
Pharoah Company accepts from Gates Stores a $5,900, 4-month, 9% note dated May 31 in settlement of Gates’ overdue account. The maturity date of the note is September 30.
Enjoy 24/7 customer support for any queries or concerns you have.
Phone: +1 213 3772458
Email: support@gradeessays.com