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

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

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

Question:

Gilliam Wholesalers accepts from Perlman Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Perlman’s overdue account. The date of the note is September 30. What entry does Gilliam make at the date, assuming Perlman 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...