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Sylvestor Systems borrows $195,000 cash on May 15, 2015, by signing a 90-day, 4% note. 1. On what date does this note mature? August 12,
Sylvestor Systems borrows $195,000 cash on May 15, 2015, by signing a 90-day, 4% note. 1. On what date does this note mature? August 12, 2015 August 13, 2015 August 14, 2015 August 15, 2015 August 16, 2015 2. Assume the face value of the note equals $195,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note. View transaction list X: Recod the issuance of the note. > Credit Note : = journal entry has been entered (b) First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your journal entry to record payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) Interest at Maturity Principal Rate(%) Time Total interest View transaction list ::: OX: 1 Record the payment of the note at maturity. >
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