Question: hi please help me out with this problem! all 4 tabs ch 9 exercise Sylvestor Systems borrows $109,000 cash on May 15 by signing a

hi please help me out with this problem! all 4 tabs

 hi please help me out with this problem! all 4 tabsch 9 exercise Sylvestor Systems borrows $109,000 cash on May 15 bysigning a 90-day, 7%, $109,000 note. 1. On what date does this

note mature? 2-a. Prepare the entry to record issuance of the note.

2-b. First, complete the table below to calculate the interest expense at

ch 9 exercise

Sylvestor Systems borrows $109,000 cash on May 15 by signing a 90-day, 7%, $109,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal On what date does this note mature? On what date does this note mature? Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal Prepare the entry to record issuance of the note. View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. General Journal Debit Credit Date May 15 Required 1 Required 2A Required 2B || Required 2B Interest at General Maturity Journal First, complete the table below to calculate the interest expense at maturity. (Use 3 nearest whole dollar.) Interest at Maturity Principal Rate(%) Time Total interest Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal Use those calculated values to prepare your entry to record payment of the note at maturity. (Use 3 to the nearest whole dollar.) View transaction list Journal entry worksheet Record the payment of the note at maturity. Note: Enter debits before credits. Event General Journal Debit Credit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!