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 1 Required 2A Required 2B Interest at Maturity View transaction list 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.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 1 Required 2A
View transaction list
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.)
Required 2B
Interest at
Maturity
Journal entry worksheet
< A
Required 2B
General
Journal
Record the payment of the note at maturity.
Note: Enter debits before credits.
Date
Maturity
General Journal
Debit
Credit
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 1 Required 2A View transaction list 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.) Required 2B Interest at Maturity Journal entry worksheet < A Required 2B General Journal Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit
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 1 Required 2A
Required 2B
Interest at
Maturity
Principal
Rate (%)
Time
Total interest
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.)
Required 2B
General
Journal
Interest at
Maturity
< Required 2A
Required 2B General Journal >
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 1 Required 2A Required 2B Interest at Maturity Principal Rate (%) Time Total interest 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.) Required 2B General Journal Interest at Maturity < Required 2A Required 2B General Journal >
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