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

Question:

Karbon Wholesalers accepts from Bazaar Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Bazaar's overdue account.

(a) What is the maturity date of the note?

(b) What is the entry made by Karbon at the maturity date, assuming Bazaar 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...