Answer the highlighted cells with excel formula H22 B C D E F G 2 3 1
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Answer the highlighted cells with excel formula
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H22 B C D E F G 2 3 1 Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. Note Term (days) $200,000 90 9% Rate Days in year 360 4 5 Required: Issue Date Year End 6 1. On what date does this note mature? 1-Nov 31-Dec 7 8 (Use cells A2 to H6 from the given information to complete this question.) 9 10 On what date does this note mature? 11 12 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 13 14 Interest expense in current year 15 Interest expense in following year 16 17 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity 18 19 (Reference cells A2 to H6, as well as any yellow input cells, to complete this question.) 20 21 Date Transaction 22 1-Nov (a) 23 24 25 31-Dec (b) 26 27 28 (c) 29 30 31 32 33 34 35 36 37 38 General Journal Debit Credit H22 B C D E F G 2 3 1 Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. Note Term (days) $200,000 90 9% Rate Days in year 360 4 5 Required: Issue Date Year End 6 1. On what date does this note mature? 1-Nov 31-Dec 7 8 (Use cells A2 to H6 from the given information to complete this question.) 9 10 On what date does this note mature? 11 12 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 13 14 Interest expense in current year 15 Interest expense in following year 16 17 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity 18 19 (Reference cells A2 to H6, as well as any yellow input cells, to complete this question.) 20 21 Date Transaction 22 1-Nov (a) 23 24 25 31-Dec (b) 26 27 28 (c) 29 30 31 32 33 34 35 36 37 38 General Journal Debit Credit
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Related Book For
Operations Management Processes And Supply Chains
ISBN: 9781292409863
13th Global Edition
Authors: Lee Krajewski, Naresh Malhotra, Larry Ritzman
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