On August 2, 2013, Jun Co. receives a $ 6,000, 90-day, 12% note from customer Ryan Albany

Question:

On August 2, 2013, Jun Co. receives a $ 6,000, 90-day, 12% note from customer Ryan Albany as payment on his $ 6,000 account.

(1) Compute the maturity date for this note.

(2) Prepare Jun’s journal entry for August 2.

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...