Question: Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $108,000 cash on May 15, 2017, by signing a 30-day, 4 % note 1.

Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $108,000 cash on May 15, 2017, by signing a 30-day, 4 % note 1. On what date does this note mature? June 13, 2017 June 14, 2017 O June 15, 2017 June 16, 2017 O June 17, 2017 2. Assume the face value of the note equals $108,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note. View transaction list Journal entry worksheet K Record the issuance of the note Note: Enter debits before oredits Date General Jourmal Debit Credit May 15 (b) First, complete the table below to calculate the interest expense at maturity Use those calculated values to prepare your journal entry to record payment of the note at maturity. (Use 360 deys a year. Round final answers to the nearest whole dollar.) Interest at Maturity s Principal Rate (%) eBook Time Total interest Hint Prine References View transaction list Journal entry worksheet > Record the payment of the note at maturity Note: Enter debits before credits Event General Journal Debit Credit

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