5 Keesha Co. borrows $140,000 cash on December 1 of the current year by signing a 150-day, 8%, $140,000 note. 1.66 points 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 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 maturity. Skipped Complete this question by entering your answers in the tabs below. eBook Req 1 Req 2 and 3 Req 4 Hint On what date does this note mature? (Assume that February has 28 days) Print On what date does this note mature? References 5 Keesha Co. borrows $140,000 cash on December 1 of the current year by signing a 150-day, 8%, $140,000 note. 1.66 points 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 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 maturity Skipped Complete this question by entering your answers in the tabs below. eBook Reg 1 Req 2 and 3 Reg 4 Hint What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.) Print Total through maturity Interest Expense Current Year Interest Expense Following Year References Principal Rate (%) Time Total interest 5 Keesha Co. borrows $140,000 cash on December 1 of the current year by signing a 150-day, 8%, $140,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 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 maturity. 1.66 points Skipped Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 4 eBook Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) Hint View transaction list Print Journal entry worksheet References Record the issuance of the note on December 1. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general Journal MC
