Keesha Co. borrows $215,000 cash on November 1 of the current year by signing a 150-day, 10%, $215,000 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 (c) payment of the note at maturity.

Keesha Co. borrows $215,000 cash on November 1 of the current year by signing a 150-day, 10%, $215,000 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 (c) payment of the note at maturity. 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? (Assume that February has 28 days) On what date does this note mature? Req 1 Req 2 and 3 Req 4 What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.) Interest Interest Total through maturity Expense Current Year Expense Following Year Principal Rate (%) Time Total interest Reg 1 Req 2 and 3 Req 4 Prepare journal 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 list Journal entry worksheet Record the issuance of the note on November 1. Note: Enter debits before credits. Transaction General Journal (a) Record entry Clear entry Debit Credit View general journal