On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as

Question:

On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9,000 account.
(1) Compute the date for this note.
(2) Prepare JLK’s journal entry for August 2.

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...