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Sylvestor Systems borrows $183,000 cash on May 15 by signing a 30-day, 4%, $183,000 note. 1. On what date does this note mature? 2-a. Prepare
Sylvestor Systems borrows $183,000 cash on May 15 by signing a 30-day, 4%, $183,000 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. General Journal Debit Credit Date May 15 Interest at Maturity Principal Rate (%) Time Total interest Record the payment of the note at maturity. Note: Enter debits before credits. Event General Journal Debit Credit
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