What entry does Pharoah Company 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 answers to 0 decimal places, e.g. 5,275.)

Account Titles and Explanation	Debit	Credit
enter an account title to record the collection of Gates note and interest	enter a debit amount	enter a credit amount
enter an account title to record the collection of Gates note and interest	enter a debit amount	enter a credit amount
enter an account title to record the collection of Gates note and interest	enter a debit amount	enter a credit amount

Calculate the interest payable at maturity. (Round answer to 0 decimal places, e.g. 5,275.)

Interest payable at maturity

$enter the interest payable at maturity in dollars rounded to 0 decimal places

Pharoah Company accepts from Gates Stores a $5,900, 4-month, 9% note dated May 31 in settlement of Gates’ overdue account. The maturity date of the note is September 30.

Answer rating: 100% (QA)

Calculate interest payable at maturity as follows Interest P... View the full answer