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1, 2, 3 and 4 please Exercise 11-4 Interest-bearing notes payable with year-end adjustments P1 Check (2) $3,000 (3) $1,500 Keesha Co, borrows $200,000 cash
1, 2, 3 and 4 please
Exercise 11-4 Interest-bearing notes payable with year-end adjustments P1 Check (2) $3,000 (3) $1,500 Keesha Co, borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%. $200,000 note. 1. On what date does this note mature? 2. How much interest expense is recorded in the current year? (Assume a 360-day year.) 3. How much interest expense is recorded in the following year? (Assume a 360-day year.) 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturityStep by Step Solution
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