Sylvestor Systems borrows $146,000 cash on May 15 by signing a 90-day, 7%, $146,000 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.
Sylvestor Systems borrows $146,000 cash on May 15 by signing a 90-day, 7%, $146,000 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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 1CE
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![Sylvestor Systems borrows $146,000 cash on May 15 by signing a 90-day, 7%, $146,000 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7672dbf9-d88c-4527-afbd-7093ee6d34e8%2F8eb8c0ae-5c29-4e60-bed5-3e655d01062c%2F3s9eve_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sylvestor Systems borrows $146,000 cash on May 15 by signing a 90-day, 7%, $146,000 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.
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