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4 March, 20:55

What entry does whispering winds corp. make at the maturity date, assuming gates pays the note and interest in full at that time?

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  1. 4 March, 21:02
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    Since the interest payable, principal and the maturity date was not given in this problem. I can only give you the account titles used and their respective debit and credit side. But to know the interest owed, used the formula I = Prt.

    So when Whispering Winds Corporation receives the principal and the interest payment, the entry would be:

    Debit Cash xx

    Credit Notes Receivable xx

    Credit Interest Income xx
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