Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $195,000 cash on November 1 of the current year by signing a 120-day, 12%, $195,000 note. 1. On whatdate 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 (payment of the note at maturity Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 On what date does this note mature? (Assume that February has 28 days.) On what date does this note maturo? Reg Req 2 and 3> He Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $195,000 cash on November 1 of the current year by signing a 120-day, 12%, $195,000 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. (6) accrual of Interest on December 31, and ( payment of the note at maturity Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Do not round Intermediate calculations and round final answers to the nearest whole dollar.) Total through maturity Interest Expense Current Year Interest Expense Following Year Principal Rate(%) Timo Total Interest Help Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $195,000 cash on November 1 of the current year by signing a 120-day, 12%, $195,000 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, (o) accrual of interest on December 31, and payment of the note at maturity. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Prepare fournal 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.) View transaction lit Journal entry worksheet 2 Record the issuance of the note on November 1. Note Enter debits before credits Transaction General Journal Debit Credit Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $195,000 cash on November 1 of the current year by signing a 120-day, 12%, $195,000 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 (a payment of the note at maturity Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Prepare Journal entries to record (0) 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.) View transaction ist Journal entry worksheet 2 3 Record the interest accrued on the note as of December 31, current year. Note: Enter debits before credits General Journal Debit Credit Transaction (b) Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $195,000 cash on November 1 of the current year by signing a 120-day, 12%, $195,000 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 (d) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Prepare journal entries to record (@) 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.) View transaction list Journal entry worksheet 2 3 Record payment of the note at maturity, assuming no reversing entries were made on January 1 Note: Enter debts before credits General Journal Debit Credit Transaction (c)
