20) Alexis Corporation had the following transactions: Oct 1 Exchanged a customer Jim’s account receivable for a 4-month, 8% note for $3,500. Dec 31 Recorded accrued interest on Jim’s note. ...

20) Alexis Corporation had the following transactions:

Oct 1 Exchanged a customer Jim’s account receivable for a 4-month, 8% note for $3,500.

Dec 31 Recorded accrued interest on Jim’s note.

Record the journal entries required:

21) Rory Company exchanged an accounts receivable of $5,300 for an 8-month, 6% note on November 1, 2012.

Record the journal entries on December 31 to record accrued interest and on July 1 to record paying off of the note with interest.

22) What does the term "maturity date" mean?