Sylvestor Systems borrows $57,000 cash on May 15 by signing a 30-day, 8 %, $57,000 note....

Transcribed Image Text:

Sylvestor Systems borrows $57,000 cash on May 15 by signing a 30-day, 8 %, $57,000 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 Required 2B Interest at Maturity On what date does this note mature? General Journal On what date does this note mature? Journal entry worksheet < Record the issuance of the note. Note: Enter debits before credits. Date May 15 General Journal +Debit Credit Record entry Clear entry Drou View general journal Required 2B Required 2B Required 1 Required 2A Interest at General Maturity Journal First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Interest at Maturity Principal Rate (%) Time Total interest < Required 2A Required 2B General Journal > A Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit Record entry Clear entry A View general journal < Prev 9 of 15 Next > Sylvestor Systems borrows $57,000 cash on May 15 by signing a 30-day, 8 %, $57,000 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 Required 2B Interest at Maturity On what date does this note mature? General Journal On what date does this note mature? Journal entry worksheet < Record the issuance of the note. Note: Enter debits before credits. Date May 15 General Journal +Debit Credit Record entry Clear entry Drou View general journal Required 2B Required 2B Required 1 Required 2A Interest at General Maturity Journal First, complete the table below to calculate the interest expense at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Interest at Maturity Principal Rate (%) Time Total interest < Required 2A Required 2B General Journal > A Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit Record entry Clear entry A View general journal < Prev 9 of 15 Next >