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Sylvestor Systems borrows $104,000 cash on May 15, 2018, by signing a 90-day, 7% note. 1. On what date does this note mature? 2. Assume
Sylvestor Systems borrows $104,000 cash on May 15, 2018, by signing a 90-day, 7% note. 1. On what date does this note mature? 2. Assume the face value of the note equals $104,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note. (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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Interest Expense Reg 2B General Journal On what date does this note mature? On what date does this note mature?
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