Question: Exercise 9-5 Interest-bearing notes payable with year-end adjustments @ P1 Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a

Exercise 9-5 Interest-bearing notes payable with year-end adjustments @ P1 Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000 note. 1. On what date does this note mature? 2. How much interest expense is recorded in the current year? (Assume a 360-day year.) 3. How much interest expense is recorded in the following year? (Assume a 360-day year.) 4. 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

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