3 Exercise 9-4 (Algo) Accounting for note payable LO P1 8.33 points Sylvestor Systems borrows $98,000...

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3 Exercise 9-4 (Algo) Accounting for note payable LO P1 8.33 points Sylvestor Systems borrows $98,000 cash on May 15 by signing a 120-day, 4%, $98,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Interest at Maturity Principal Rate (%) 98,000 4% Time 120/360 Total interest 3,920 X < Required 2A Required 2B General Journal > 3 Exercise 9-4 (Algo) Accounting for note payable LO P1 8.33 points Sylvestor Systems borrows $98,000 cash on May 15 by signing a 120-day, 4%, $98,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. No Date General Journal A Maturity Interest payable Notes payable Debit Credit 1,633 X 98,000 Cash 99,633 < Required 2B Interest at Maturity Required 2B General Journal 3 Exercise 9-4 (Algo) Accounting for note payable LO P1 8.33 points Sylvestor Systems borrows $98,000 cash on May 15 by signing a 120-day, 4%, $98,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Interest at Maturity Principal Rate (%) 98,000 4% Time 120/360 Total interest 3,920 X < Required 2A Required 2B General Journal > 3 Exercise 9-4 (Algo) Accounting for note payable LO P1 8.33 points Sylvestor Systems borrows $98,000 cash on May 15 by signing a 120-day, 4%, $98,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. No Date General Journal A Maturity Interest payable Notes payable Debit Credit 1,633 X 98,000 Cash 99,633 < Required 2B Interest at Maturity Required 2B General Journal