gnment NEXT Do Itl Revlew 8-3 (Part Level Submission) Sheffield Corp. accepts fr

Question

gnment NEXT Do Itl Revlew 8-3 (Part Level Submission) Sheffield Corp. accepts from Gates Stores a $2,900, 4-month, 10% note dated May 31 in settlement of Gates, over 30 rdue account. The maturity date of the note is September Your answer is correct. Calculate the interest payable at maturity. (Round answer to O decimal places, e.g. $155.) Interest payable at maturity 96.67 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 2 used (b) What entry does Sheffield Corp. make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account tites are automatically indented when amount is entered. Do not indent manually. Round answer to O decimal places, e.g. 152.) MacBook Pro F1o

Explanation / Answer

Journal Entry Accounting titles & Explanations Debit Credit cash 2,997 interest income 97 Note Receivable 2900

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