Ember Co. entered into the following transactions involving short-term notes payable.
On June 18, Ember purchased $25,000 merchandise from Halco Co., terms are 2/10, n/30. Halco uses the perpetual inventory system.
On July 19, Ember replaced the June 18 account payable with a 60-day, $22,000 note bearing 9% annual in addition to paying $3,000 in cash. ________ Paid the amount due on the note at maturity.
1. Determine the maturity date for the note.
2. Prepare journal entries for all the preceding transactions and events.

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The Answer of Ember Co. entered into the following transactions involving short-term notes payable.
On June 18, Ember purchased $25,000 merchandise from Halco Co., terms are 2/10, n/30. Halco uses the perpetual inventory system.
On July 19, Ember replaced the June 18 account payable with a 60-day, $22,000 note bearing 9% annual in addition to paying $3,000 in cash. ________ Paid the amount due on the note at maturity.
1. Determine the maturity date for the note.
2. Prepare journal entries for all the preceding transactions and events.

Ember Co Entered into the Following Transactions Involving Short-Term Notes Payable