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

question 26

Essay

Helix Co. entered into the following transactions involving short-term notes payable.
On May 14, Helix purchased $40,000 merchandise from Advent Co., terms are 2/15, n/30. Helix uses the perpetual inventory system.
On May 29, Helix replaced the May 14 account payable with a 60-day, $30,000 note bearing 8% annual along with paying $10,000 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.