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Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70.000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 28 General Journal Required 1 Required 2A Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.)

Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70.000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 28 General Journal Required 1 Required 2A Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.)

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.1BE: Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a...
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Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 28 General Journal Required 1 Required 2A Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) View transacfion list Journal entry worksheet A Record the payment of the note at maturity. Note: Enter debits before credits Event General Journal Debit Credit 1. Record entry Clear entry View general journal < Required 2B Interest at Maturity Requred 2 Geer l
Transcribed Image Text:Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Maturity Required 28 General Journal Required 1 Required 2A Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) View transacfion list Journal entry worksheet A Record the payment of the note at maturity. Note: Enter debits before credits Event General Journal Debit Credit 1. Record entry Clear entry View general journal < Required 2B Interest at Maturity Requred 2 Geer l
Saved Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Required 28 General Journal Required 1 Required 2A Maturity Prepare the entry to record issuance of the note. View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit May 15 Record entry Clear entry View general journal < Required 1 Required 2B Interest at Maturity >
Transcribed Image Text:Saved Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day. 5%, $70,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Interest at Required 28 General Journal Required 1 Required 2A Maturity Prepare the entry to record issuance of the note. View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit May 15 Record entry Clear entry View general journal < Required 1 Required 2B Interest at Maturity >
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