Question
Sylvestor Systems borrows $182,000 cash on May 15, 2017, by signing a 120-day, 6% note. 1. On what date does this note mature? September 11,
Sylvestor Systems borrows $182,000 cash on May 15, 2017, by signing a 120-day, 6% note. 1. On what date does this note mature?
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September 11, 2017
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September 12, 2017
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September 13, 2017
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September 14, 2017
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September 15, 2017
2. Assume the face value of the note equals $182,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note.
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Financial Accounting And Reporting
Authors: Barry Elliott, Jamie Elliott
19th Edition
1292255994, 9781292255996
