Which of the following accounts will Avonette credit in the journal entry at maturity on February 1,

Question:

Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2019, assuming collection in full?

a. Cash

b. Note Payable

c. Interest Payable

d. Interest Receivable

On August 1, 2018, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette’s year-end is December 31.

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...

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