Keshena accounting questions Keshena Co. borrows $195,000 cash on December 1,2009, by signing a 120-day, 11% note with a facevalue of $195,000.a. On what date does this note mature? (February of2010 has 28 days.)b. How much interest expense results from this notein 2009? (Assume a 360-day year.)

Step 1: Define Promissory NotePromissory notes are written documents that contain a promise made by…

Answered: Keshena Co. borrows $195,000 cash on…

Principles of Accounting Volume 1

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ISBN:9781947172685

Author:OpenStax

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Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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Keshena Co. borrows $195,000 cash on December 1, 2009, by signing a 120-day, 11% note with a face value of $195,000. a. On what date does this note mature? (February of 2010 has 28 days.) b. How much interest expense results from this note in 2009? (Assume a 360-day year.)