Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity Required 2B General Required 1 Required 2A Journal On what date does this note mature? On what date does this note mature? July 14

Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity Required 2B General Required 1 Required 2A Journal On what date does this note mature? On what date does this note mature? July 14

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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