Exercise 11-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $220,000 cash on December 1 of the current year by signing a 180-day, 10\%, $220,000 not 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 (o) issuance of the note, (b) accrual of interest on December 31 , and (c) poyment of th maturity. Complete this question by entering your answers in the tabs below. On what date does this note mature? Note: Assume that February has 28 daye. Exercise 11-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $220,000 cash on December 1 of the current year by signing a 180 -day, 10%,$220,000 note. 1. On what date does this note mature? 2. \& 3. What is the amount of Interest expense in the current yeor and the following year from this note? 4. Prepare joumal entries to record (a) issuance of the note, (b) accrual of interest on December 31 , and (c) payment of the note o maturisy. Complete this question by entering your answers in the tabs below. What is the amount of interest expense in the current yean and the following year from this nose? Journal entry worksheet 23 Record the issuance of the note on December 1. Enter debits bulore credits. epare journal ertines to record (a) issuance of the note, (b) accrual of interest on becir iatunty. ots: Use 360 dars a year, Do not round intermediate caloulations. Journal entry worksheet 3 Rocord the interest accrued on the note as of December 31, curtert year. Fiohel Emer didbts hefore crosth. rtaturity. Note: Use 360 dayns a yoic, Do nok round intermedite calcuftitifs. Journal entry worksheet Record pepment of the nog at mahurity, assuming no revitriog erthes mere made on Jaruary 1