Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 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 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? Complete this question by entering your answers in the tabs below. Required 2A Prepare the entry to record issuance of the note. Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit May 15 Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Interest at Maturity Principal Rate (%) Time Total interest Complete this question by entering your answers in the tabs below. Required 2B General Journal Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Journal entry worksheet Record the payment of the note at maturity. Note: Enter debits before credits. Event General Journal Debit Credit 1

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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Question

Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 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 1
Required 2A
Required 2B Interest at Maturity
Required 2B General Journal

On what date does this note mature?

Complete this question by entering your answers in the tabs below.

Required 2A

Prepare the entry to record issuance of the note.

Journal entry worksheet

Record the issuance of the note.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
May 15

Complete this question by entering your answers in the tabs below.

Required 2B Interest at Maturity

First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.)

	Interest at Maturity
Principal
Rate (%)
Time
Total interest

Complete this question by entering your answers in the tabs below.

Required 2B General Journal

Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.)

Journal entry worksheet

Record the payment of the note at maturity.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
1

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