Keesha Company borrows $$300,000$ cash on November $1$ of the current year by signing a $120-$day, $11\%,$$$300,000$ note.

Complete this question by entering your answers in the tabs below.

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?

Note: Use $360$ days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar.

$\backslash$table$[[,\backslash$table$[[$Total through$],[$maturity$]],\backslash$table$[[$Interest Expense$],[$Current Year$]],\backslash$table$[[$Interest Expense$],[$Following Year$]]],[$Principal$,,,],[$Rate $(\%),,,],[$Time$,,,],[$Total interest,,,$]]$

Keesha Company borrows $$300,000$ cash on November $1$ of the current year by signing a $120-$day, $11\%,$$$300,000$ note.

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 on December $31,$ and $($c$)$ payment of the note at maturity.

Note: Use $360$ days a year. Do not round intermediate calculations.

Journal entry worksheet

$1$

$2$

$3$

Record the issuance of the note on November $1.$

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[(a),,$i$,],[,,,],[,,,],[,,,],[,,,]]$

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