Question
1) Sylvestor Systems borrows $162,000 cash on May 15, 2015, by signing a 90-day, 5% note. On what date does this note mature? a) Aug
1) Sylvestor Systems borrows $162,000 cash on May 15, 2015, by signing a 90-day, 5% note.
On what date does this note mature?
a) Aug 12, 2015
b) Aug 13, 2015
c) Aug 14, 2015
d) Aug 15, 2015
e) Aug 16, 2015
2) Assume the face value of the note equals $162,000, the principal of the loan.
a) prepare the journa lentry to record issuance of the note.
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Auditors Guide To IT Auditing Software Demo
Authors: Richard E. Cascarino
2nd Edition
1118147618, 978-1118147610
