Solved: Gambit stores accepts from leonard co a 3400 90-day 6 note, Cost Accounting

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Gambit stores accepts from leonard co a 3400 90-day 6 note

Gambit Stores accepts from Leonard Co. a $3,400, 90-day, 6% note dated May 10 in settlement of Leonard's overdue account. (a) What is the maturity date of the note? (b) What entry does Gambit make at the maturity date, assuming Leonard pays the note and interest in full at that time?

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Cost Accounting: Gambit stores accepts from leonard co a 3400 90-day 6 note

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Cost Accounting: Gambit stores accepts from leonard co a 3400 90-day 6 note

Reference No:- TGS0781114

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