- Sylvestor Systems Borrows 158 000 Cash On May 15 2018 By Signing A 150 Day 5 Note 1 On What Date Does This Note M 1 (55.56 KiB) Viewed 152 times
Sylvestor Systems borrows $158,000 cash on May 15, 2018, by signing a 150-day, 5% note. 1. On what date does this note mature? 2. Assume the face value of the note equals $158,000, 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 below. Req 1 Req 2A Req 2B Interest Req 2B General Assume the face value of the note equals $158,000, the principal of the loan. Prepare the journal entry to record issuance of the note. View transaction list Journal entry worksheet 1 > Record the issuance of the note. Note: Enter debits before credits. General Journal Debit Credit Date May 15 Record entry View general journal Clear entry < Req 1 Req 2B Interest Expense >
Sylvestor Systems borrows $158,000 cash on May 15, 2018, by signing a 150-day, 5% note. 1. On what date does this note mature? 2. Assume the face value of the note equals $158,000, 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 below. Req 1 Req 2A Req 2B Interest Req 2B General Assume the face value of the note equals $158,000, 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 >
Sylvestor Systems borrows $158,000 cash on May 15, 2018, by signing a 150-day, 5% note. 1. On what date does this note mature? 2. Assume the face value of the note equals $158,000, 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 below. Req 1 Req 2B Reg 2B Req 2A Interest General Use those calculated values to prepare your journal entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < > Record the payment of the note at maturity. Note: Enter debits before credits. General Journal Debit Credit Date October 12 Record entry View general journal Clear entry < Req 2B Interest Expense Reg 2B General Journal >