A company borrowed $75,000 by signing a 75-day, 5% note payable from its bank on Ju,y 15.

Required:

1. Prepare jorunal entry to record the borrowing of money Indicate maturity date. (2 points)

2. Compute interest amount. (3 points)

3. Compute the cash payment due on the note's maturity date. (2 points)

4. Prepare jorunal entry to record the payment of the note on maturity date. (3 points)