Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $115,000 cash on December 1 of the current year by signing a 90-day, 9%, $115,000 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.() issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity Complete this question by entering your answers in the tabs below. Req 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 mature? February 27 Req 2 and 3 > Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $115,000 cash on December 1 of the current year by signing a 90-day, 9%, $115,000 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 Req4 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) Principal Rate (6) TI Total interest Total through Interest Expense Interest Expense maturity Current Year Following Year 115,000 5 115,000 $ 115,000 09 9 90/350 30/360 50/360 2588 Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Koento co borrows $115.000 cash on December 1 of the current year by signing a 90-day, 9%, $115,000 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. Prepote journal entries to record () Issuance of the note. (6) accrual of interest on December 31, and (a payment of the note at miturity Complete this question by entering your answers in the tabs below. Best R2 and 3 Roq A Prepare journal entries to record () issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at matunty (360 days a year. Do not round intermediate calculation) View transactional View journal entry worksheet Transaction General Journal Debit Credit Notes le
