Do It! Review 8-3

Bramble Corp. accepts from Gates Stores a $9,500, 6-month, 6% note dated May 31 in settlement of Gates overdue account. The maturity date of the note is September 30.

Calculate the interest payable at maturity. (Round answer to 0 decimal places, e.g. $152.)

What entry does Bramble Corp. make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 152.)

List Of Accounts

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Do It! Review 8-3

Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Cash Common Stock Cost of Goods Sold Dividends Income Tax Expense Income Taxes Payable Interest Receivable Interest Revenue Inventory No Entry Notes Receivable Other Operating Expenses Other Receivables Retained Earnings Sales Discounts Sales Returns and Allowances Sales Revenue Service Charge Expense Supplies Supplies Expense