Question

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. Prepare the entries to record (a) issuance of the note and (b) payment of the note at maturity.

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Accounting

Bond/Notes Valuation

Journal and Ledger Balance

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