Hh1.Account 5201:48.39Keesha Company borrows $115,000 cash on December 1 of the current year by signing a 150-day, 10%,$115,000 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 at maturity.Req 1Complete this question by entering your answers in the tabs below.Reg 1Req 2 and 3Show Transcribed Text4Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) pamaturity. (Use 360 days a year. Do not round intermediate calculations.)Req 4Complete this question by entering your answers in the tabs below.Req 2 and 3Req 4On what date does this note mature? (Assume that February has 28 days.)On what date does this note mature?K RogReq 2 and 3> Req 114702PrincipalRate (%)TimeTotal interestReq 2 and 3What is the amount of interest expense in the current year and the following year from this note? (Use 360 day:not round intermediate calculations and round final answers to the nearest whole dollar.)Show Transcribed TextView transaction listTotal through Interest ExpensematurityCurrent YearJournal entry worksheetTransaction(a)Req 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.)2Note: Enter debits before credits.Record entryRecord the issuance of the note on December 1.Show Transcribed Text< Req 1General JournalClear entryJInterest ExpenseFollowing YearDebitReq 4 >CreditView general journal

A promissory note, also commonly known as a note, is a promise in writing to pay a sum of money at a…

Keesha Company borrows $115,000 cash on December 1 of the current year by signing a 150-day, 10%, $115,000 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 at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) pa maturity. (Use 360 days a year. Do not round intermediate calculations.)

Keesha Company borrows $115,000 cash on December 1 of the current year by signing a 150-day, 10%, $115,000 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 at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) pa maturity. (Use 360 days a year. Do not round intermediate calculations.)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

See similar textbooks

Similar questions

On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
4. Subject :- Accounting
Please check my work Keesha Company borrows $250.000 cash on December 1 of the current year by signing a 150-day. 9%. $250.000 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 entrles to record (a) issuance of the note. (by accrual of Interest on December 31, and (c payment of the note at maturity. QUESTION 1. What date does this more mature? (please answer this too)
Please help me
Viko
Keesha Company borrows $270,000 cash on November 1 of the current year by signing a 180-day, 11%, $270,000 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 at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Principal Rate (%) Time Total interest What is the amount of interest expense in the current year and the following year from this note? Note: Use 360 days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar. h Req 4 Total through maturity Interest Expense Current Year
Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 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 at maturity.
Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 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 at maturity.