Gentry Wholesalers accepts from Benton Stores a $6,200, 4-month, 9% note dated May 31 in settlement of

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Gentry Wholesalers accepts from Benton Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Benton’s overdue account.

(a) What is the maturity date of the note?

(b) What is the interest payable at the maturity date?

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Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Jul 16, 2020 03:04 AM

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The correct entry should be Debit: Armstrong, Capital $48,000 Credit: Cash $58,000 Debit: Jackson, Capital $5,000 Debit: Tanner, Capital $5,000

Gentry Wholesalers accepts from Benton Stores a $6,200, 4-month, 9% note dated May 31 in settlement of

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Accounting Principles

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