Ideal Systems borrows $104,000 cash on May 15, 2008, by signing a 60-day, 12% note. 1 On

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Ideal Systems borrows $104,000 cash on May 15, 2008, by signing a 60-day, 12% note.

1 On what date does this note mature?

2 Suppose the face value of the note equals $104,000, the principal of the loan. Prepare the journal entries to record

(a) issuance of the note and

(b) payment of the note at maturity.

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Financial Accounting Information For Decisions

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Authors: John J. Wild

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Ideal Systems borrows $104,000 cash on May 15, 2008, by signing a 60-day, 12% note. 1 On

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Financial Accounting Information For Decisions

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