Question: Refer to the information in QS 7-5 and prepare the journal entry assuming the note is honored by the customer on October 31, 2013. QS

Refer to the information in QS 7-5 and prepare the journal entry assuming the note is honored by the customer on October 31, 2013.
QS 7-5
On August 2, 2013, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. (1) Compute the date for this note. (2) Prepare Jun's journal entry for August 2.

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