Question: Could someone please help me with this homework question asap Keesha Company borrows $140,000 cash on November 1 of the current year by signing a
Keesha Company borrows $140,000 cash on November 1 of the current year by signing a 150 -day. 9%,$140,000 note. 1. On what date does this note mature? 2. \& 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record () issuance of the note, (b) accrual of interest on December 31 , and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. 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, Note: Use 360 days a year. Do not round intermediate calculations. Keesha Company borrows $140,000 cash on November 1 of the current year by signing a 150 -day. 9%,$140,000 note. 1. On what date does this note mature? 2. \& 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record () issuance of the note, (b) accrual of interest on December 31 , and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. 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, Note: Use 360 days a year. Do not round intermediate calculations
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
