Exercise 9-3 Accounting for note payable LO P1Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 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 torecord payment of the note at maturity.Complete this question by entering your answers in the tabs below.esRequired 28Required 28GeneralInterest atMaturityRequired 1Required 2AJournalUse those calculated values to prepare your entry to record payment of the note at maturity. (Uee 360 days a year Round final answersto the nearest whole dallar.)View transaction llstView journal entry worksheetDebitCreditGeneral JournalNoEventAInterest expenseInterest payable< Required 2B Interest at Maturity< Prey2 of 2 Next Exercise 9-3 Accounting for note payable LO P1Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 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 torecord payment of the note at maturity.FookIntComplete this question by entering your answers in the tabs below.IntencesRequired 28Interest atRequired 28GeneralJournalRequired 1 Required 2AMaturityFirst, complete the table below to calculate the interest expense at maturity. (Use 360 days a year Round fioat anewers to thenearest whole doltar.)Interest atMaturityPrincipalRate (%)TimeTotal interestRequirad 28 General Journal< Required 2A

Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +…

Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 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. Complete this question by entering your answers in the tabs below. Requiret 28 Interest at Maturity Required 28 General Journal Required 1 Requlred 2A Use those calcutated values to prepare your entry to record payment of the note at maturity.(Use 360 daysyenr Round inal answers to the nearest whole dallar.) View transaction list View journal entry worksheel Debit Crodit General Journal No Event A Interest expense Interest payable Reguired 2B Interest at Maturity

Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 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. Complete this question by entering your answers in the tabs below. Requiret 28 Interest at Maturity Required 28 General Journal Required 1 Requlred 2A Use those calcutated values to prepare your entry to record payment of the note at maturity.(Use 360 daysyenr Round inal answers to the nearest whole dallar.) View transaction list View journal entry worksheel Debit Crodit General Journal No Event A Interest expense Interest payable Reguired 2B Interest at Maturity

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.3: Promissory Notes

Problem 1OYO

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