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I can not figure out why it says the answer is not complete Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a
I can not figure out why it says the answer is not complete
Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a 90-day, 9% note with a face value of $200,000. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) No Transaction General Journal Debit Credit 1 (a) Cash 200,000 Notes payable 200,000 2 (b) 3,000 Interest expense Interest payable 3,000 3 (c) Notes payable Interest expense Interest payable 200,000 1,500 3,000 204,500 Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a 90-day, 9% note with a face value of $200,000. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? On what date does this note mature? January 30, 2019.Step by Step Solution
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