Exercise $9-5($Algo$)$ Interest$-$bearing notes payable with year$-$end adjustments LO P$1$

Keesha Company borrows $$225,000$ cash on December $1$ of the current year by signing a $150-$day, $7\%,$$$225,000$ 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 i

maturity.

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

On what date does this note mature?

Note: Assume that February has $28$ days.

On what date does this note mature?

Req $1$

Req $2$ and $3$

Req $4$

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

Note: Use $360$ days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar.

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.

Journal entry worksheet

$1$

$2$

$3$

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

Note: Enter debits before credits.