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QS 9-4 Interest-bearing note transactions LO P1 On November 7, 2015, Mura Company borrows $270,000 cash by signing a 90-day, 10% note payable with a face value of $270,000. (Use 360 days a year. Do not round your intermediate calculations.) 1. Compute the accrued interest payable on December 31, 2015. = Interest $ $ Total through maturity Year end interest accrual Interest recognized February Principal 270,000 270,000 270,000 x Rate (%) x Time 100% 90/360 101% 90/360 100% 90/360 6,750 6,750 $ $ $ $ 6,750 2. & 3. Prepare the journal entry to record the accrued interest expense at December 31, 2015 and payment of the note at maturity. View transaction list Journal entry worksheet Record the payment of note at maturity. Note: Enter debits before credits. General Journal Debit Credit Date Feb 05, 2016 Record entry Clear entry View general journal 2. & 3. Prepare the journal entry to record the accrued interest expense at December 31, 2015 and payment of the note at maturity. View transaction list Journal entry worksheet 1 2 > Record the accrued interest expense. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2015 Interest expense Interest payable Record entry Clear entry View general journal