C13 X fx A B D E F G H 125 Keesha Company borrows $200,000 cash...

Transcribed Image Text:

C13 X fx A B D E F G H 125 Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. 5 Note principal $200,000 6 Term of note 90 days 7 Interest rate 9% 8 Days in year 360 9 Issue date 10 Year end 11/1/2023 12/31/2023 11 12 Required: 13 1. On what date does this note mature? 14 2. & 3. What is the amount of interest expense in years 2023 and 2024 from this note? (Use 360 days in year) 15 16 17 2. Interest expense in 2023: 3. Interest expense in 2024: 18 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. 19 20 Date 21 11/1/2023 22 23 24 12/31/2023 25 26 27 1/0/1900 28 29 30 General Journal Debit Credit 0 0 C13 X fx A B D E F G H 125 Keesha Company borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. 5 Note principal $200,000 6 Term of note 90 days 7 Interest rate 9% 8 Days in year 360 9 Issue date 10 Year end 11/1/2023 12/31/2023 11 12 Required: 13 1. On what date does this note mature? 14 2. & 3. What is the amount of interest expense in years 2023 and 2024 from this note? (Use 360 days in year) 15 16 17 2. Interest expense in 2023: 3. Interest expense in 2024: 18 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. 19 20 Date 21 11/1/2023 22 23 24 12/31/2023 25 26 27 1/0/1900 28 29 30 General Journal Debit Credit 0 0