Sylvestor Systems borrows $126,000 cash on May 15 by signing a t80-day, 5%. $126.000 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 2A Enterest at Haturity Required 20 Required 20 General Jurna Nequired 1 On what date does this note mature? On what date does this note malr? red A

Sylvestor Systems borrows $126,000 cash on May 15 by signing a t80-day, 5%. $126.000 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 2A Enterest at Haturity Required 20 Required 20 General Jurna Nequired 1 On what date does this note mature? On what date does this note malr? red A

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 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? 1-Record the issuance of the note. Interest at Maturity Principal Rate (%) Time Total interest
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Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 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. First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Interest at Maturity Principal Rate (%) Time Total interest
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