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Sylvestor Systems borrows $100,000 cash on May 15, 2015, by signing a 60-day, 8% note. 1. On what date does this note mature? July 13,
Sylvestor Systems borrows $100,000 cash on May 15, 2015, by signing a 60-day, 8% note. 1. On what date does this note mature? July 13, 2015 July 14, 2015 July 15, 2015 July 16, 2015 July 17, 2015 2. Assume the face value of the note equals $100,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note. View transaction list x 1 Recod the issuance of the note. > Credit Mote. - journal entre has been entered (b) First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your journal entry to record payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) Interest at Maturity Principal Rate(%) Time Total interest View transaction list 1 Record the payment of the note at maturity
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