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what do i input into cells c14 and c15? A D E E F G H 1 2 Keesha Company borrows $200,000 cash on November
what do i input into cells c14 and c15?
A D E E F G H 1 2 Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. Note Term (days) $200,000 90 Rate Days in year 9% 360 3 4 Issue Date 1-Nov Year End 31-Dec 5 Required: 6 1. On what date does this note mature? 7 (Use cells A2 to H6 from the given information to complete this question.) 8 9 10 On what date does this note mature? 30-Jan 11 12 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 13 14 Interest expense in current year 15 Interest expense in following year 16 17 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. 18 19 (Use cells A2 to H6, as well as the "Chart of Accounts tab for cell referencing and/or formulas needed to complete this question.) 20 21 Date Credit Transaction (a) Debit 200,000 1-Nov General Journal Cash Notes payable 22 23 200,000 24 25 31-Dec (b) Interest expense Interest payable 26 27 28 30-Jan (c) $200,000 29 Accounts payable Interest payable Interest expense Cash 30 31Step by Step Solution
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