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Calculate the interest payable at maturity

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Question - Crane Company accepts from Gates Stores a $9,800, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30.

Required -

Calculate the interest payable at maturity.

What entry does Crane Company make at the maturity date, assuming Gates pays the note and interest in full at that time?

Reference no: EM132441613

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