Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 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. Required 28 Required 28 Interest at General Journal Maturity Required 1 Required 2A First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Principal Rate(%) Time Total interest $ Interest at Maturity 183,000 6% 90/360 < Required 2A Required 28 General Journal >

Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 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. Required 28 Required 28 Interest at General Journal Maturity Required 1 Required 2A First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Principal Rate(%) Time Total interest $ Interest at Maturity 183,000 6% 90/360 < Required 2A Required 28 General Journal >

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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