Acc291 Financial Accounting: Do It!8-3 Galen Wholesalers accepts from Picard Stores

Acc291 Financial Accounting

DO IT! 8-3
Galen Wholesalers accepts from Picard Stores a $6,200, 4-month, 12% note dated May 31 in settlement of Picard's overdue account.
(a) What is the maturity date of the note?
(b) What is the entry made by Galen at the maturity date, assuming Picard pays the note and interest in full at that time? (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
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