On August 2, 2011, Passat Co. receives a $9,000, 90-day, 6% note from customer Dee Kissick as

Question:

On August 2, 2011, Passat Co. receives a $9,000, 90-day, 6% note from customer Dee Kissick as payment on her $9,000 account. Prepare Passat’s journal entries for August 2 and for the note’s date assuming the note is honored by Kissick.
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...