Sylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 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(Use 360 days a year Round final answers to the nearest whole dollar)

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Sylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 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(Use 360 days a year Round final answers to the nearest whole dollar)

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