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Sidra Company borrows $350,000 cash from the Qatar National Bank on November 7, 2019 by signing a 90-day, 12% note payable with a face value
Sidra Company borrows $350,000 cash from the Qatar National Bank on November 7, 2019 by signing a 90-day, 12% note payable with a face value of $350,000. (Use 360 days a year. Do not round your intermediate calculations. Round final answer to the nearest whole dollar.) Required: 1. Compute the total interest through maturity, the year-end interest, and the interest recognized at maturity. Principal x Time = Interest x Rate (%) % Total interest through maturity Year end interest accrual Interest recognized February 5 % 2. Prepare the journal entries to record issuing the note, the accrued interest at year-end, and the payment of the note at maturity. View transaction list Journal entry worksheet Record the issue of the note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 07, 2019 Record entry Clear entry View general journal
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