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Gambit Stores accepts from Leonard Co. a $6,800, 110- day, 7% note dated May 10 in settlement of Leonard's overdue account. (3 Marks) of a.

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Gambit Stores accepts from Leonard Co. a $6,800, 110- day, 7% note dated May 10 in settlement of Leonard's overdue account. (3 Marks) of a. What is the maturity date of the note? (1 Mark) b. What is the interest payable at the maturity date? (1 Mark) c. What entry does Gambit make at the maturity date, assuming Leonard pays the note and interest in full at that time? (1 Mark)

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