On August 2, 2011, JLK Co. receives...?

On August 2, 2011, JLK Co. recieves a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9000 account.

(1) Compute the maturity date for this note.
(2) Prepare JLK's journal entry for August, 2.
Update: Part 2: Refer to the information above and prepare the journal entry assuming the note is honored by the customer on October 31, 2011.
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