Exercise $11-5$

Interest$-$bearing notes payable with year$-$end adjustments P$1$

Keesha Co$.$ borrows $$200,000$ cash on November $1$ of the current year by signing a $90-$day, $9\%,$$$200,000$ note.

On what date does this note mature?

How much interest expense is recorded in the current year? $($Assume a $360-$day year.$)$

How much interest expense is recorded in the following year? $($Assume a $360-$day year.$)$

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.

Check $(2)$ $$3,000$

$(3)$ $$1,500$