Andy Cooke gave a 60-day, 5.5 percent note, dated February 14, to Key Company, a creditor, in

Question:

Andy Cooke gave a 60-day, 5.5 percent note, dated February 14, to Key Company, a creditor, in the amount of $ 10,500.
a. What is the due date of the note?
b. How much interest is to be paid on the note at
c. Write the entries in general journal form to record issuance of the note by the maker and payment of the note at as they would appear on Cooke’s books.

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...