On November 1, 2012, Dual Systems borrows $200,000 to expand operations Dual Systems signs a six month, 9 promissory note Interest is payable at maturity Dual System 's year end is December 31 1 Record the issuance of the note by Dual Systems 2 Record the appropriate adjusting entry for the note by...

Prepare journal entries for given events Date Nov 1 ...

On November 1, 2012, Dual Systems borrows $200,000 to expand operations. Dual Systems signs a six-month, 9%

Question:

On November 1, 2012, Dual Systems borrows $200,000 to expand operations. Dual Systems signs a six-month, 9% promissory note. Interest is payable at Dual System's year-end is December 31.
1. Record the issuance of the note by Dual Systems.
2. Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2012.
3. Record the payment of the note by Dual Systems at on April 30, 2013.
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...