On August 2, 2014, SLM Company received a $5,500, 90 day, 5 notes from customer Will Carr as payment on his account Determine the maturity date and prepare the August 2 and maturity date entries, assuming the note are honoured by Carr ...

Aug 2 Notes Receivable 90day 5 5500 ...

On August 2, 2014, SLM Company received a $5,500, 90-day, 5% notes from customer Will Carr as

Question:

On August 2, 2014, SLM Company received a $5,500, 90-day, 5% notes from customer Will Carr as payment on his account. Determine the date and prepare the August 2 and date entries, assuming the note are honoured by Carr.
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...