Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 Keesha Co. borrows $115,000 cash on November 1, 2018, by signing a 180-day, 9% note with a face value of $115.000. 1. On what

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
3 Keesha Co. borrows $115,000 cash on November 1, 2018, by signing a 180-day, 9% note with a face value of $115.000. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record (aissuance of the note. (b) accrual of interest at the end of 2018, and ( payment of the note at maturity. (Assume no reversing entries are made.) 02:30:54 koped Complete this question by entering your answers in the tabs below. Book Reg 1 Reg 2 and 3 Req4 On what date does this note mature? (Assume that February has 28 days.) Hint Ferences On what date does this note mature? Req 2 and 3 > Keesha Co. borrows $115,000 cash on November 1, 2018, by signing a 180 day, 9% note with a face value of $115,000. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record () issuance of the note. (6) accrual of interest at the end of 2018, and payment of the note at maturity. (Assume no reversing entries are made.) . Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 What is the amount of interest expense in 2018 and 2019 from this note? (Use 360 days a year. Do not round Intermediate calculations. Round final answers to the nearest whole dollar) Total through maturity Interest Interest Expense 2018 Expense 2019 Principal Rate(%) Time Total interest View transaction list Journal entry worksheet 48 Record payment of the note at maturity, assuming no reversing entries were made on January 1. Note: Enter debits before credits. Transaction General Journal Debit Credit es (c) Record entry Clear entry View general Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Auditing and Other Assurance Services

Authors: Ray Whittington, Kurt Pany

19th edition

978-0077804770, 78025613, 77804775, 978-0078025617

More Books

Students also viewed these Accounting questions

Question

Describe how to construct a profit-volume chart.

Answered: 1 week ago

Question

analysis of government financial performance?

Answered: 1 week ago