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 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 maturity.



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  • CreatedNovember 26, 2013
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