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question vaughn manufacturing accepts from gates stores a 1 400 4 month 6 note dated 4288908


Vaughn Manufacturing accepts from Gates Stores a $1,400 4-month, 6% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30 Calculate the interest payable at maturity. (Round answer to 0 decimal places, e.g. $155.) Interest payable at maturity What entry does Vaughn Manufacturing 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, Round answer to O decimal places, e.g. 152.) Account Titles and Explanation Debit Credit To record collection of Gates note and interest)

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