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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 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

FINANCIAL ACCOUNTING
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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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)
Keesha Company borrows $250,000 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 1 4. Prepare Journal entries to record (a) Issuance of the note, (b) accrual of Interest on Dece maturity. Complete this question by entering your answers in the tabs below. Req 1 Reg 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 no Note: Use 360 days a year. Do not round intermediate calculations and round final answers to Req 4 Total through Interest Expense maturity Current Year S S 250,000 $ 9% 150/360 9,375 S 250,000 30/360 $ 1,875 S < Req 1 Interest Expense Following Year چلے 250,000 120/360 7,500 Req 4 >
Transcribed Image Text:Keesha Company borrows $250,000 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 1 4. Prepare Journal entries to record (a) Issuance of the note, (b) accrual of Interest on Dece maturity. Complete this question by entering your answers in the tabs below. Req 1 Reg 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 no Note: Use 360 days a year. Do not round intermediate calculations and round final answers to Req 4 Total through Interest Expense maturity Current Year S S 250,000 $ 9% 150/360 9,375 S 250,000 30/360 $ 1,875 S < Req 1 Interest Expense Following Year چلے 250,000 120/360 7,500 Req 4 >
Ceesha Company borrows $250.000 cash on December 1 of the current year by signing a 150-day, 9%, $250,000 not 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 maturity. Complete this question by entering your answers in the tabs below. Req 1 I Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the not maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction let N No 1 / 2 Reg 2 and 3 3 Transaction (a) (b) Req 4 (c) View Journal entry worksheet Cash Notes payable Interest expense Interest payable Notes payable Interest expense Interest payable Cash General Journal < Req 2 and 3 Debit 250,000 1,875 250,000 7,500 Credit 250,000 1,875 7,500 250,000 X
Transcribed Image Text:Ceesha Company borrows $250.000 cash on December 1 of the current year by signing a 150-day, 9%, $250,000 not 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 maturity. Complete this question by entering your answers in the tabs below. Req 1 I Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the not maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction let N No 1 / 2 Reg 2 and 3 3 Transaction (a) (b) Req 4 (c) View Journal entry worksheet Cash Notes payable Interest expense Interest payable Notes payable Interest expense Interest payable Cash General Journal < Req 2 and 3 Debit 250,000 1,875 250,000 7,500 Credit 250,000 1,875 7,500 250,000 X
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