Question: Sylvestor Systems borrows 110 000 cash on May 15 2015 by

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.

View Solution:


Sale on SolutionInn
Sales2
Views844
Comments
  • CreatedApril 23, 2015
  • Files Included
Post your question
5000