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

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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