Give correct interest payable at maturity Swifty Corporation accepts from GatesStores a $9,400, 4-month, 7% note datedMay 31 in settlement of Gates' overdueaccount. The maturity date of the note isSeptember 30.Calculate the interest payable at maturity.

Step 1: Introduction to the Promissory NoteA promissory note is a short-term credit tool in the form…

Answered: Swifty Corporation accepts from Gates…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
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Swifty Corporation accepts from Gates Stores a $9,400, 4-month, 7% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity.