Sylvestor Systems borrows $ 110,000 cash on May 15, 2013, by signing a 60 day, 12 note 1 On what date does this note mature 2 Suppose the face value of the note equals $ 110,000, the principal of the loan Prepare the journal en tries to record (a) Issuance of the note and (b) Payment of the note at...

1 Maturity date May 15 60 days July 14 2013 2a May 15 Cash 11000 ...

Sylvestor Systems borrows $ 110,000 cash on May 15, 2013, by signing a 60-day, 12% note. 1.

Question:

Sylvestor Systems borrows $ 110,000 cash on May 15, 2013, by signing a 60-day, 12% note.
1. On what date does this note mature?
2. Suppose the of the note equals $ 110,000, the principal of the loan.
Prepare the journal en-tries to record
(a) Issuance of the note and
(b) Payment of the note at maturity.

Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...