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Sylvestor Systems borrows $175,000 cash on May 15 by signing a 120-day, 7%, $175,000 note. 1. On what date does this note mature? 2-a. Prepare
Sylvestor Systems borrows $175,000 cash on May 15 by signing a 120-day, 7\%, $175,000 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 antering your nnswers in the tabe belaw. On whet dote does this note mnture? Sylvestor Systems borrows $175,000 cash on May 15 by signing a 120-day, 7%,$175,000 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 record payment of the note at maturity. Comptate this quastson by antartho your anwwers in the talis bolow. Prepare the entry to record issuance of the note. Sylvestor 5 ystems borrows $175,000 cash on May 15 by signing a 120-day, 7%,$175,000 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 er record payment of the note at maturity. First, complete the table below to calculate the interast expense at maturity. (Use 360 doys a yesr, Round final answom to the neerest whole dollar.) Sylvestor Systems borrows $175,000 cash on May 15 by signing a 120-day, 7x,$175,000 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 record payment of the note at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. (Usee 360 doys a year. Round finatjinswern to the nearest whole dollar.) Note: Enter debits before credits
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