Question: Keesha Company borrows $ 9 7 0 , 0 0 0 cash on October 1 of the current year by signing a 1 2 0

Keesha Company borrows $970,000 cash on October 1 of the current year by signing a 120-day, 9%, $970,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 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. Accessibility tab summary: Information about Keesha Company is provided in row 2. A data table is provided in A5 to C10. Statement 1 for student presentation is provided in row 13. An entry field for student presentation is provided in C13. Statement 2 for student presentation is provided in row 14. A table for student presentation is provided in A15 to C16. Statement 3 for student presentation is provided in row 18. A second table for student presentation is provided in A20 to D30.Keesha Company borrows $970,000 cash on October 1 of the current year by signing a 120-day, 9%, $970,000 note. (Click on the Chart of Accounts Tab below.)Note principal$970,000Term of note120daysInterest rate9%Days in year360Issue date10/1/2025Year end12/31/2025Required: 1. On what date does this note mature?1/28/20262. & 3. What is the amount of interest expense in years 2025 and 2026 from this note? (Use 360 days in year)2. Interest expense in 2025:$22,310.003. Interest expense in 2026:$3,360.004. 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.DateGeneral JournalDebitCredit10/1/2025Cash970,000.00Notes receivable970,000.0012/31/2025Interest expense22,310.00Interest payable22,310.001/28/2026Notes payable970,000.00Interest payable22,310.00Interest expense3,360.00Cash995,670.00Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work.Nothing in this area will be graded, but it will be submitted with your assignment.

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