Keesha Co. borrows $230,000 cash on November 1 of the current year by signing a 180-day, 7%, $230,000 note.1. On what date does this note mature?2. & 3. What is the amount of Interest expense in the current year and the following year from this note?4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturlty.Complete this question by entering your answers in the tabs below.pokintReg 1Reg 2 and 3Reg 4IntencesPrepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturity. (Use 360 days a year. Do not round intermediate calculations.)View transaction listJournal entry worksheet>3Record the issuance of the note on November 1.Note: Enter debits before credits.DebitCreditTransactionGeneral Journal(a)Prev1 of 2Next>MacBook Air Reg 1Reg 2 and 3Req 4Prepare journal entries to record (a) issuance of the note, (b) accrual of Interest on December 31, and (c) payment of the note atmaturity. (Use 360 days a year. Do not round intermediate calculations.)View transaction listJournal entry worksheet1Record the issuance of the note on November 1.Note: Enter debite before credits.General Journal:DebitCreditTransaction(a)Clear entryVlow ganeral JournalRecord entryPrey1 of 2 Next >

Name: Keesha Co. borrows $230,000 cash on November 1 of the current year by
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Description: Keesha Co. borrows $230,000 cash on November 1 of the current year by signing a 180-day, 7%, $230,000 note.1. On what date does this note mature?2. & 3. What is the amount of Interest expense in the current year and the following year from this note

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1. On what date does this note mature? 2. & 3. What is the amount of Interest expense in the current year and the followin 4. Prepare journal entries to record (a) isuance of the note, (b) accrual of interest maturity. Complete this question by entering your answers in the tabs below.

1. On what date does this note mature? 2. & 3. What is the amount of Interest expense in the current year and the followin 4. Prepare journal entries to record (a) isuance of the note, (b) accrual of interest maturity. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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