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Sylvestor Systems borrows $65,000 cash on May 15 by signing a 150-day, 5%, $65,000 note. 1. On what date does this note mature? 2-a. Prepare
Sylvestor Systems borrows $65,000 cash on May 15 by signing a 150-day, 5%, $65,000 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. Complete this question by entering your answers In the tabs below. Required 28 Required 28 Required 1 Required 2A Interest at General Maturity Journal Prepare the entry to record issuance of the note. View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date May 15 General Journal Debit Credit Complete this question by entering your answers In the tabs below. Required 2B Required 1 Required 2A Interest at Required 2B General Maturity Journal First, complete the table below to calculate the Interest expense at maturity. (Use 360 days a year. Rou nearest whole dollar.) Principal Rate (%) Time Total interest Interest at Maturity Required 1 Required 2A Interest at Maturity General Journal Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a y to the nearest whole dollar.) View transaction list Journal entry worksheet < A Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit
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