Berkman Wholesalers accepts from Almonte Stores a $6,200, 4 month, 9 note dated May 31 in settlement of Almontes overdue account The maturity date of the note is September 30 What entry does Berkman make at the maturity date, assuming Almonte pays the note and interest in full at that time ...

The interest payable at maturity is 186 Face X Rate X ...

Berkman Wholesalers accepts from Almonte Stores a $6,200, 4-month, 9% note dated May 31 in settlement of

Question:

Berkman Wholesalers accepts from Almonte Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Almonte’s overdue account. The date of the note is September 30. What entry does Berkman make at the date, assuming Almonte pays the note and interest in full at that time?

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...