Sylvestor Systems borrows $81,000 cash on May 15, 2018, by signing a 150-day, 7% note. 1. On what date does this note mature? 2. Assume the face value of the note equals $81,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note (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. Complete this question by entering your answers in the tabs belovw Complete this question by entering your answers in the tabs below. Req 2B Interest Expense Req 2B General Journal Req 1 Req 2A On what date does this note mature? On what date does this note mature? October 15, 2018 Req1 Req 2A > Req 2B Interest Expense Req 2B General ournal Req 1 Req 2A Assume the face value of the note equals $81,000, the principal of the loan. Prepare the journal entry to record issuance of the note View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Debit Credit Date General Journal May 15 Complete this question by entering your answers in the tabs below. Req 2B Interest Req 2B General ourna Req 2A Req 1 Expense Assume the face value of the note equals $81,000, the principal of the loan. First, complete the table below to calculate the interest expense at maturity. Interest at Maturity Principal Rate (%) Time Total interest Req 2A Req 2B General Journal Use those calculated values to prepare your journal entry to record payment of the note at maturity. (Use 360 days a year. Round fina answers to the nearest whole dollar.) View transaction list 6 Journal entry worksheet Record the payment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit October 12 Record entry Clear entry View general journal Keesha Co. borrows $260,000 cash on November 1, 2018, by signing a 180-day, 10% note with a face value of $260,000. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) Complete this question by entering your answers in the tabs below Req 1 Req 2 and 3 Req 4 On what date does this note mature? (Assume that February has 28 days.) On what date does this note mature? April 30, 2019 Req1 Req 2 and 3 Keesha Co. borrows $260,000 cash on November 1, 2018, by signing a 180-day, 10% note with a face value of $260,000 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) Complete this question by entering your answers in the tabs below Req 4 Req 2 and 3 Req 1 What is the amount of interest expense in 2018 and 2019 from this note? (Use 360 days a year. Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Total Interest Interest ough Expens Expense 2018 Expense 2019 maturity $ 260,000260,000$ 260,000 10% 120/360 8,666 Principal Rate (%) Time Total interest 10% 10% 60/360 180/360 4,333 S $ 13,000$ Req 1 Req 4 Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) (Use 360 days a year. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the issuance of the note on November 1 Note: Enter debits before credits Transaction General Journal Debit Credit
