Answered step by step
Verified Expert Solution
Question
1 Approved Answer
This is a question that needs to be done in excel, therefore I ONLY need help with the EXCEL FORMULA. If you dont know, please
This is a question that needs to be done in excel, therefore I ONLY need help with the EXCEL FORMULA. If you dont know, please allow someone else to answer, thank you.
IE Exercise 9-5 (Static): Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90 -day. 9%,$200,000 note. 1. On what date does this note mature? 2 \& 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare joumal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Novigation: 1. Use the Open Excel in New Tab button to launch this question 2. When finished in Excel, use the Sove and Return to Assignment button in the lower right to return to Connect. Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90 -day, 9%,$200,000 Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Navigation: 1. Use the Open Excel
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started