On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000 interest bearing note from Rozelle Company

Question:

On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000 interest bearing note from Rozelle Company in payment of an account receivable. Dougherty's year-end is December 31. Rozelle paid the note and interest on the due date.
Required
1. Who is the maker and who is the payee of the note?
2. What is the date of the note?
3. Prepare all necessary journal entries that Dougherty needs to make in connection with this note.
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...