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Compute the maturity date for this note

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Question: 1. On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9,000 account.

(1) Compute the maturity date for this note.

(2) Prepare JLK's journal entry for August 2.

2. Dekon Company's December 31 year-end unadjusted trial balance shows a $8,000 balance in Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare any necessary journal entries for December 31 and for the note's maturity date assuming it is honored.

Reference no: EM131533662

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