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Weber inc. borrowed $60,000 on August 1, 2014, for 60 days at 5% interest by signing a note a) Determine the date the note matures,
Weber inc. borrowed $60,000 on August 1, 2014, for 60 days at 5% interest by signing a note a) Determine the date the note matures, and calculate how much interest expense is generated by this note Dates must be entered in the format dd/mmm (ie. 15/Jan two decimal places On what day will this note mature? 30/Sep How much interest expense is created by this note? 493.15 b) Prepare Weber Inc.'s journal entries on August 1, 2014 and the maturity date. Enter an appropriate description when entering the transactions in the journal Dates format dd/mmm (ie January 15 would be 15/Jan). General Journal Page GJ2 Date Account/Explanation F Debit Credit 1/Aug Cash 60.000 + Short-Term Notes Payable 60 000 to record note payable 30/Sep Interest Expense 493.15 Interest Payable 493.15 to record the transaction at the end of the year A
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