Exercise 9-3 Accounting for note payable LO P1Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70,000 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 torecord payment of the note at maturity.Complete this question by entering your answers in the tabs below.Required 28Interest atMaturityRequired 28GeneralJournalRequired 1Required 2AUse those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answersto the nearest whole dollar.)View transacfion listJournal entry worksheetARecord the payment of the note at maturity.Note: Enter debits before creditsEventGeneral JournalDebitCredit1.Record entryClear entryView general journal< Required 2B Interest at MaturityRequred 2 Geer l SavedExercise 9-3 Accounting for note payable LO P1Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70,000 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 torecord payment of the note at maturity.Complete this question by entering your answers in the tabs below.Required 28Interest atRequired 28GeneralJournalRequired 1Required 2AMaturityPrepare the entry to record issuance of the note.View transaction listJournal entry worksheetRecord the issuance of the note.Note: Enter debits before credits.DateGeneral JournalDebitCreditMay 15Record entryClear entryView general journal< Required 1Required 2B Interest at Maturity >

Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +…

Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70.000 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. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 28 General Journal Required 1 Required 2A 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.)

Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70.000 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. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 28 General Journal Required 1 Required 2A 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.)

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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