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Carla Vista Co. accepts from Gates Stores a $4,400, 4-month, 9% note dated May 31 in settlement of Gates' overdue maturity date of the note is September 30. (a1) Your answer has been saved. See score details after the due date. Calculate the interest payable at maturity. (Round answer to 0 decimal places, eg. 5,275)

Carla Vista Co. accepts from Gates Stores a $4,400, 4-month, 9% note dated May 31 in settlement of Gates' overdue maturity date of the note is September 30. (a1) Your answer has been saved. See score details after the due date. Calculate the interest payable at maturity. (Round answer to 0 decimal places, eg. 5,275)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please see below. I need help with the part a2.
Carla Vista Co. accepts from Gates Stores a $4,400, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer has been saved. See score details after the due date. Calculate the interest payable at maturity. (Round answer to O decimal places, eg. 5,275.) Interest payable at maturity 132 List of Accounts Attempts: 1 of 1 used (a2) What entry does Carla Vista Co. 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 O decimal places, eg. 5,275.) Credit Debit Account Titles and Explanation
Transcribed Image Text:Carla Vista Co. accepts from Gates Stores a $4,400, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer has been saved. See score details after the due date. Calculate the interest payable at maturity. (Round answer to O decimal places, eg. 5,275.) Interest payable at maturity 132 List of Accounts Attempts: 1 of 1 used (a2) What entry does Carla Vista Co. 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 O decimal places, eg. 5,275.) Credit Debit Account Titles and Explanation
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