Gentry Wholesalers accepts from Ayayai Stores a $24,000, 4-month, 6% note dated May 31 in settlement of Ayayai's overdue account. The maturity date of the note is September 30. What entry does Gentry make at the maturity date, assuming Ayayai pays the note and interest in full at that time? Date Account Titles and Explanation Sept. 30 Debit Credit
Gentry Wholesalers accepts from Ayayai Stores a $24,000, 4-month, 6% note dated May 31 in settlement of Ayayai's overdue account. The maturity date of the note is September 30. What entry does Gentry make at the maturity date, assuming Ayayai pays the note and interest in full at that time? Date Account Titles and Explanation Sept. 30 Debit Credit
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 14EA: Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1,...
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Gentry Wholesalers accepts from Ayayai Stores a $24,000, 4-month, 6% note dated May 31 in settlement of Ayayai's overdue
account. The maturity date of the note is September 30. What entry does Gentry make at the maturity date, assuming Ayayai pays the
note and interest in full at that time?
Date Account Titles and Explanation
Sept. 30
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4cb0d7ae-c6c8-491d-b556-9cc97654b1ec%2F7a109b06-6d8c-4ba5-9438-8818a23f516f%2Fhf900mt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
Gentry Wholesalers accepts from Ayayai Stores a $24,000, 4-month, 6% note dated May 31 in settlement of Ayayai's overdue
account. The maturity date of the note is September 30. What entry does Gentry make at the maturity date, assuming Ayayai pays the
note and interest in full at that time?
Date Account Titles and Explanation
Sept. 30
Debit
Credit
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