Ideal Systems borrows $104,000 cash on May 15, 2008, by signing a 60-day, 12% note. 1 On
Question:
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.
AppendixLO1
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Related Book For
Financial Accounting Information For Decisions
ISBN: 9780073043753
4th Edition
Authors: John J. Wild
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