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Sylvestor Systems borrows $141,000 cash on May 15 by signing a 90-day, 5%, $141,000 note. Sylvestor Systems borrows $141,000 cash on May 15 by signing
Sylvestor Systems borrows $141,000 cash on May 15 by signing a 90-day, 5%, $141,000 note.
Sylvestor Systems borrows $141,000 cash on May 15 by signing a 90-day, 5%, $141,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? Required 2 August 12 August 13 August 14 August 15 August 16 Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal Prepare the entry to record issuance of the note. View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit May 15 Required 1 Required 24 Required 2B Interest at Maturity Required 2B General Journal First, complete the table below to calculate the intereste nearest whole dollar.) Interest at Maturity Principal Rate(%) Time Total interest Required 2B Required 2B Required 1 Required 2A Interest at General Maturity Journal Use those calculated values to prepare your entry to record payment of the note at maturity. to the nearest whole dollar.) View transaction list Journal entry worksheetStep by Step Solution
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