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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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