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NEED EXCEL FORUMLA PLEASE! I HAVE BEEN STRUGGLING FOR HOURS Keesha Company borrows $140,000 cash on December 1 of the current year by signing a
NEED EXCEL FORUMLA PLEASE! I HAVE BEEN STRUGGLING FOR HOURS
Keesha Company borrows $140,000 cash on December 1 of the current year by signing a 90 -day, 10%,$140,000 note. \begin{tabular}{|r|r|r|r|} \hline Note & Term (days) & Rate & Days in year \\ \hline$140,000 & 90 & 10% & 360 \\ \hline \end{tabular} Required: 1. On what date does this note mature? \begin{tabular}{|r|r|} \hline Issue Date & Year End \\ \hline 1-Dec & 31 -Dec \end{tabular} (Use cells A2 to H6 from the given information to complete this question.) 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? Interest expense in current year Interest expense in following year 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 cells A2 to H6, as well as the "Chart of Accounts" tab for cell referencing and/or formulas needed to complete this question.) Keesha Company borrows $140,000 cash on December 1 of the current year by signing a 90 -day, 10%,$140,000 note. \begin{tabular}{|r|r|r|r|} \hline Note & Term (days) & Rate & Days in year \\ \hline$140,000 & 90 & 10% & 360 \\ \hline \end{tabular} Required: 1. On what date does this note mature? \begin{tabular}{|r|r|} \hline Issue Date & Year End \\ \hline 1-Dec & 31 -Dec \end{tabular} (Use cells A2 to H6 from the given information to complete this question.) 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? Interest expense in current year Interest expense in following year 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 cells A2 to H6, as well as the "Chart of Accounts" tab for cell referencing and/or formulas needed to complete this question.)Step by Step Solution
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