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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Chapter9: Accounting For Receivables

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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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Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a 90-day, 9% note with a face value of $200,000 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? On what date does this note mature?
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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.)