Question: Exercise 1 1 - 3 Accounting for note payable LO P 1 Sylvestor Systems borrows $ 1 3 3 , 0 0 0 cash on

Exercise 11-3 Accounting for note payable LO P1 Sylvestor Systems borrows

Exercise 11-3 Accounting for note payable LO P1
Sylvestor Systems borrows $133,000 cash on May 15,2017, by signing a 150-day, 5% note.
On what date does this note mature?
October 11,2017
October 12,2017
October 13,2017
October 14,2017
October 15,2017
Assume the face value of the note equals $133,000, the principal of the loan.
(a) Prepare the journal entry to record issuance of the note.
Journal entry worksheet
1
Record the issuance of the note.
$133,000 cash on May 15,2017, by signing a 150-day, 5% note. On

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