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#2

Sylvester Systems borrows $110,000 cash on May 15, 2015, by signing a 60-day, 12% note.

Directions: Answer the following questions:

1.On what date does this note mature?

1.Answer:

2.Suppose the face value of the note equals $110,000, the principal of the loan. Complete the journal entries to record (a) issuance of the note and (b) payment of the note at maturity.

Directions: Using the information in 2 above, enter the dollar ($) amount for both the debit and credit sides on each journal entry.

Attached file! PLEASE REVIEW

Thanks!