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.
Part 2: Refer to the information above and prepare the journal entry assuming the note is honored by the customer on October 31, 2011.