Q3. ANZ Company accepts from Nike a €3,600, 90-day, 6% note dated May 10 in settlement of Nike's overdue open account. The note matures on August 8. What entry does ANZ make at the maturity date, assuming Leonard pays the note and interest in full at that time?

Q3. ANZ Company accepts from Nike a €3,600, 90-day, 6% note dated May 10 in settlement of Nike's overdue open account. The note matures on August 8. What entry does ANZ make at the maturity date, assuming Leonard pays the note and interest in full at that time?

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.7E: Notes Receivable On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000...

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Q3. ANZ Company accepts from Nike a €3,600, 90-day, 6% note dated May 10 in
settlement of Nike's overdue open account. The note matures on August 8. What entry does
ANZ make at the maturity date, assuming Leonard pays the note and interest in full at that
time?

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