On April 1, Fly Corporation accepted cash of $15,000 and a six-month, 6%, $75,000 interestbearing note from

Question:

On April 1, Fly accepted cash of $15,000 and a six-month, 6%, $75,000 interestbearing note from Gonzo, Inc., as settlement of an account receivable. Fly has a fiscal year end of June 30, and Gonzo paid the principal and the interest at the note's maker and payee and prepare all appropriate journal entries from the acceptance of the note to the date.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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...