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Determine the maturity date for Freedom Flight

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Question - On July 16, Freedom Flight gave a 120-day note payable to Slick and Slide Co., instead of cash payment of an overdue account. The amount of the note was $75,000 at an interest rate of 14%. Prepare the journal entry and determine the maturity date for Freedom Flight to record payment of the note. Your answer should be in the form of DR - account name and dollar value CR - account name and dollar value.

Reference no: EM132608838

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