Crane Company accepts from Gates Stores a $9,800, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the
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Hello how would I be able to answer these two part a and part b


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Crane Company accepts from Gates Stores a $9,800, 4-month, 10% 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.
Interest payable at maturity $
e Textbook and Media
List of Accounts
What entry does Crane Company make at the maturity date, assuming Gates pays the note and interest in full at
that time? (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit

Top Answer

Interest at Maturity : $327 Entry: Dr. Cash... View the full answer

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