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Prepare the journal entry to record the collection

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Reference no: EM133075464

Question - Rockin Distribution sells CDs of the performing artist Kellie Cary on a credit basis. On 4 July 2021, the company received a 90-day, 12% promissory note in exchange for the $5,600 debt of R. Jay.

Required -

1. Calculate the maturity value and maturity date of this promissory note.

2. Prepare the journal entry to record the collection of the promissory note at its maturity date.

Reference no: EM133075464

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