Gentry Wholesalers accepts from Benton Stores a $6,200, 4 month, 9 note dated May 31 in settlement of Bentons overdue account (a) What is the maturity date of the note (b) What is the entry made by Gentry at the maturity date, assuming Benton pays the note and interest in full at that time ...

a The maturity date is September 30 When the life of ...

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

Question:

Gentry Wholesalers accepts from Benton Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Benton’s overdue account.
(a) What is the date of the note?
(b) What is the entry made by Gentry at the date, assuming Benton 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...