All American Storage Corporation sold merchandise with credit terms of 2/10, n/30, for $100,000 to a customer on January 01, 2012. Nine months later, on October 1, 2012 the company accepted a 12%, 6-month note receivable in settlement of the account. The customer paid the maturity value of the note on the due date.

Prepare the following journal entries: A) Record the sale of merchandise on January 1, 2012. B) Record the receipt of the note receivable on October 1, 2012. C) Record the adjusting entry to accrue interest on December 31, 2012.

Jan. 1, 2012
Oct. 1, 2012
Dec. 31, 2012

D) What is the due date of the note?

E) Record the collection of the note on the due date. (For a compound transaction, if an amount box does not require an entry, leave it blank.)