On July 16,Freedom Flight gave a 120-day note payable to Slick and Slide Co.,instead of cash payment of an overdue account.The amount of the note was $75,000 at an interest rate of 14%.Prepare the journal entry and determine the maturity date for Freedom Flight to record payment of the note.

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The Answer of On July 16,Freedom Flight gave a 120-day note payable to Slick and Slide Co.,instead of cash payment of an overdue account.The amount of the note was $75,000 at an interest rate of 14%.Prepare the journal entry and determine the maturity date for Freedom Flight to record payment of the note.

On July 16,Freedom Flight Gave a 120-Day Note Payable to Slick