Question

Trista Co. borrowed $180,000 on December 1, 2014, for 90 days at 5% interest by signing a note.
1. On what date will this note mature?
2. How much interest expense is created by this note in 2014?
3. How much interest expense is created by this note in 2015?
4. Prepare the journal entries on December 1, December 31 (Trista Co.’s year-end), and the maturity date.



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  • CreatedJanuary 08, 2015
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