On April 15, 2020 Dallas Consulting borrowed $17,000 to pay the tax bill owing, for 45 days
Question:
On April 15, 2020 Dallas Consulting borrowed $17,000 to pay the tax bill owing, for 45 days at 9% interest by signing a note.
1. On what date will this note mature?
2. How much interest expense is created by this note?
3. Prepare the journal entries for April 15, 2020, and the maturity date.
MaturityMaturity 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...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
1 Days in April 30 Minus date of note 15 Days remaining in April 15 ...View the full answer
Answered By
Kalyan M. Ranwa
I have more than seven years of teaching experience in physics and mechanical engineering.
1+ Reviews
10+ Question Solved
Related Book For 
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
