Provide correct answer the following requirements a. And b. Talon Retail accepts from Gregory Ltd. a $5,000, 60-day, 5% note dated July 15 insettlement of Gregory's overdue account.(a) What is the maturity date of the note?(b) What entry does Talon make at the maturity date, assuming Gregory pays thenote and interest in full at that time?

Step 1: Define Maturity DateThe maturity date is the date on which the principal amount of a note,…

Answered: Talon Retail accepts from Gregory Ltd.…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P

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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
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What is the interest payable at maturity on these financial accounting question?
Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. a. Determine the due date of the note. September 10 b. Determine the maturity value of the note. Assume a 360-day year. (Note: Round computations to the nearest whole dollar.) c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
May you help me find the correct entry ABC would make on the maturity date?

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Talon Retail accepts from Gregory Ltd. a $5,000, 60-day, 5% note dated July 15 in settlement of Gregory's overdue account. (a) What is the maturity date of the note? (b) What entry does Talon make at the maturity date, assuming Gregory pays the note and interest in full at that time?