Keesha Co. borrows $100,000 cash on November 1, 2017, by signing a 150-day, 10% note with a face value of $100,000.

1. On what date does this note mature? (Assume that February has 28 days)

A. March 26, 2018.

B. March 27, 2018.

C. March 28, 2018.

D. March 29, 2018.

E. March 31, 2018.

2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.)

4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. (Assume no reversing entries are made.) (Use 360 days a year. Do not round intermediate calculations.)

NVIDI II 21, ZUIO. March 28, 2018 March 29, 2018 March 31, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final ar nearest whole dollar.) Total through maturity Interest Interest Expense 2017 Expense 2018 $ $ $ Principal Rate(%) Time Total interest 100,000 10% 150/3601 3,750 100,000 10% 60/360 100,000 10% 90/360 $ Homework Saved Help Sav 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. (Assume no reversing entries are made.) (Use 360 days a year. Do not round Intermediate calculations.) View transaction list Journal entry worksheet Record the issuance of the $100,000 note. Note: Enter debits before credits. Transaction General Journal Credit Debit 100,000 a Cash Notes payable 100,000 Prey 1 of 2 !!! Next >