Exercise $11-5($Algo$)$ Interest$-$bearing notes payable with year$-$end adjustments LO P$1$

Keesha Company borrows $$270,000$ cash on November $1$ of the current year by signing a $120-$day, $11\%,$$$270,000$ note.

On what date does this note mature?

& $3.$ What is the amount of interest expense in the current year and the following year from this note?

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.

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$ and $3$

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.

$1$ Record the issuance of the note on November $1.$

$2$ Record the interest accrued on the note as of December $31,$ current year.

$3$ Record payment of the note at maturity, assuming no reversing entries were made on January $1.$

Note : $0=$ journal entry has been enteredN