Notes Payable

Exercise 10-12 Notes payable LO3 Mercedes Boats borrowed $220,000 on September 15, 2020, for 45 days at 7% interest by signing a note. 1. On what date will this note mature? Maturity date2. How much interest expense is created by this note? {Use 365 days a year. Do not round intermediate calculations and round the final answer to 2 decimal places.) :| 3. Prepare the journal entries for September 15, 2020, and the maturity date. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet 2 > Record the signing of a $220,000 note payable for 45 days at 7% interest. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal3. Prepare the journal entries for September 15, 2020, and the maturity date. (Use 365 days a year. Do not round intermediate calculations and round the final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the payment of note. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal