Nadeau Wholesalers accepts from Nicole Stores a $6,200, 4 month, 12 note dated May 31 in settlement of Nicoles overdue account (a) What is the maturity date of the note (b) What is the entry made by Nadeau at the maturity date, assuming Nicole pays the note and interest in full at that time ...

a The maturity date is September 30 When the life of ...

Nadeau Wholesalers accepts from Nicole Stores a $6,200, 4-month, 12% note dated May 31 in settlement of

Question:

Nadeau Wholesalers accepts from Nicole Stores a $6,200, 4-month, 12% note dated May 31 in settlement of Nicole’s overdue account.
(a) What is the date of the note?
(b) What is the entry made by Nadeau at the date, assuming Nicole pays the note and interest in full at that time?

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...