Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 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 2B Interest at Maturity On what date does this note mature? Required 1 Required 2A On what date does this note mature? Required 2B General Journal < Required 1 Required 2A >
Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 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 2B Interest at Maturity On what date does this note mature? Required 1 Required 2A On what date does this note mature? Required 2B General Journal < Required 1 Required 2A >
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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![Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 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 2B
Interest at
Maturity
On what date does this note mature?
Required 1 Required 2A
On what date does this note mature?
Required 2B
General
Journal
< Required 1
Required 2A >
P](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfbc4ba1-e0ed-49af-a997-602aa39b0c1c%2F2acddf69-a5ef-4051-a154-3afbd5d2a60f%2Fabhsfv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 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 2B
Interest at
Maturity
On what date does this note mature?
Required 1 Required 2A
On what date does this note mature?
Required 2B
General
Journal
< Required 1
Required 2A >
P
![02
S
Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 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 2B
Interest at
Maturity
Prepare the entry to record issuance of the note.
Required 1 Required 2A
View transaction list
Journal entry worksheet
<
1
Record the issuance of the note.
Note: Enter debits before credits.
Date
May 15
Required 2B
General
Journal
Record entry
General Journal
Clear entry
4
Debit
Credit
P
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfbc4ba1-e0ed-49af-a997-602aa39b0c1c%2F2acddf69-a5ef-4051-a154-3afbd5d2a60f%2F3jfqix9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:02
S
Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 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 2B
Interest at
Maturity
Prepare the entry to record issuance of the note.
Required 1 Required 2A
View transaction list
Journal entry worksheet
<
1
Record the issuance of the note.
Note: Enter debits before credits.
Date
May 15
Required 2B
General
Journal
Record entry
General Journal
Clear entry
4
Debit
Credit
P
View general journal
>
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