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------------------ Metlock Wholesalers accepts from Gates Stores a $9,600, 4-month, 12% note dated May 31 in settlement of Gates' overdue account. The maturity date of

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Metlock Wholesalers accepts from Gates Stores a $9,600, 4-month, 12% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. What entry does Metlock make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record collection of Gates note and interest) The following are data on three promissory notes. Determine the missing amounts. (Round answers to decimal places, eg. 5,275. Use 360 days for calculation) Maturity Date Annual Interest Rate Total Interest Date of Note April 1 Terms 60 days Principal $576,000 5 % $ July 2 30 days 75,600 % $50 March 7 6 months 130,800 9 % $

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