Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help last person gave me wrong anwsers ... please for a like Keesha Co. borrows $265,000 cash on November 1 of the current year
please help last person gave me wrong anwsers ... please for a like
Keesha Co. borrows $265,000 cash on November 1 of the current year by signing a 150-day, 7%, $265,000 note. 1. 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? 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 Complete this question by entering your answers in the tabs below. 22:53 Reg Req 2 and 3 Reg 4 On what date does this note mature? (Assume that February has 28 days) On what date does this note mature? Req 2 and 3 > Keesha Co. borrows $265,000 cash on November 1 of the current year by signing a 150-day, 7%, $265,000 note 1. 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? 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 Complete this question by entering your answers in the tabs below. Reg 1 Req 2 ande Reg 4 What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year Round final answers to the nearest whole dollar.) Total through maturity Interest Expenso Current Year Interest Expenso Following Year Principal Rate(%) Time Total interest $ 265,000 $ 9% 90/360 265,000 $ 9% 60/360 265,000 9% Journal entry worksheet Journal entry worksheet Record the interest accrued on the note as of December 31, current year. Note: Enter debits before credits General Journal Debit Credit Transaction (b) Record entry Clear entry View general journal _00 Journal entry worksheet Record payment of the note at maturity, assuming no reversing entries were made on January 1. Note: Enter debits before credits General Journal Debit Credit Transaction (0) Record entry Clear enly View general Journal Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started