Question
Sylvestor Systems borrows $192,000 cash on May 15, 2017, by signing a 90-day, 4% note. 1. On what date does this note mature? August 12,
Sylvestor Systems borrows $192,000 cash on May 15, 2017, by signing a 90-day, 4% note. 1. On what date does this note mature?
August 12, 2017
August 13, 2017
August 14, 2017
August 15, 2017
August 16, 2017
2. Assume the face value of the note equals $192,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note.
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Fundamental Accounting Principles Volume 2
Authors: John Wild, Ken Shaw, Barbara Chiappetta
21st Edition
0077716663, 978-0077716660
