Cheyenne Wholesalers accepts from Gates Stores a $24,000, 4-month, 8% note dated May 31 in settlement of Gates’ overdue account. The maturity date of the note is September 30. What entry does Cheyenne 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount (To record collection of Gates note and interest)
Cheyenne Wholesalers accepts from Gates Stores a $24,000, 4-month, 8% note dated May 31 in settlement of Gates’ overdue account. The maturity date of the note is September 30. What entry does Cheyenne 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount enter an account title to record collection of gates note and interest enter a debit amount enter a credit amount (To record collection of Gates note and interest)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cheyenne Wholesalers accepts from Gates Stores a $24,000, 4-month, 8% note dated May 31 in settlement of Gates’ overdue account. The maturity date of the note is September 30.
What entry does Cheyenne 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
enter an account title to record collection of gates note and interest
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record collection of gates note and interest
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record collection of gates note and interest
|
enter a debit amount
|
enter a credit amount
|
| (To record collection of Gates note and interest) |
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