Question: Perfect Systems borrows $94,000 cash on May 15, 2011, by signing a 60-day, 12% note. 1. On what date does this note mature? 2. Suppose

Perfect Systems borrows $94,000 cash on May 15, 2011, by signing a 60-day, 12% note.
1. On what date does this note mature?
2. Suppose the face value of the note equals $94,000, the principal of the loan. Prepare the journal entries to record
(a) Issuance of the note and
(b) Payment of the note at maturity.

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