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Calculate the interest payable at maturity

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QUESTION - Swifty Corporation accepts from Gates Stores a $9,400, 4-month, 7% 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.

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

Reference no: EM131706133

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