Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1....

 

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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. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature?

Answer rating: 100% (QA)

To determine the maturity date of the note we need to add 60 days to the date of issuance wh... View the full answer