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Exercise 9-4 Interest-bearing notes payable with year-end adjustments P1 Check (2) $3,000 Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 90-day,
Exercise 9-4 Interest-bearing notes payable with year-end adjustments P1 Check (2) $3,000 Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 90-day, 9% note with a face value of $200,000. 1. On what date does this note mature? 2. How much interest expense results from this note in 2017? (Assume a 360-day year.) 3. How much interest expense results from this note in 2018? (Assume a 360-day year.) 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and 3)$1,500 (c) payment of the note at maturity. (Assume no reversing entries are made.)
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