Question

Sylvestor Systems borrows $110,000 cash on May 15, 2015, 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 entries to record
(a) Issuance of the note
(b) Payment of the note at maturity.


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  • CreatedApril 23, 2015
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