Need assistance and clarification. Please will upvote if correct & CLEAR
Chapter 9 Homework A Saved Help Save & Exit Submit Check my work 1 Exercise 9-3 Accounting for note payable LO P1 20 points Sylvestor Systems borrows $166,000 cash on May 15 by signing a 90-day, 7%, $166,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. eBook Complete this question by entering your answers in the tabs below. Hint Required Required Required Required 1 2A 2B 2B Ask On what date does this note mature? Print On what date does this note mature? Required 1 Required 2A > 1 Exercise 9-3 Accounting for note payable LO P1 20 points Sylvestor Systems borrows $166,000 cash on May 15 by signing a 90-day, 7%, $166,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. eBook Complete this question by entering your answers in the tabs below. Hint Required Required Required Required 1 2A 2B 2B Ask Prepare the entry to record issuance of the note. Print View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. General Journal Debit Credit Date May 15 Record entry View general journal Clear entry 1 1 Exercise 9-3 Accounting for note payable LO P1 20 points Sylvestor Systems borrows $166,000 cash on May 15 by signing a 90-day, 7%, $166,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. eBook Complete this question by entering your answers in the tabs below. Hint Required Required Required Required 1 2A 2B 2B Ask First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Print Interest at Maturity Principal Rate (%) Time Total interest ed 2A Required 2B General Journal > 94/360 90/360 67/360 59/360 25/260 1 Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $166,000 cash on May 15 by signing a 90-day, 7%, $166,000 note. 20 points 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. eBook Complete this question by entering your answers in the tabs below. Hint Required Required Required Required 1 2A 2B 2B Ask Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Print View transaction list Journal entry worksheet A > Record the payment of the note at maturity. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry View general journal Clear entry
