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.