Exerclse 9-3 Accounting for note payable LO P1Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 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 torecord payment of the note at maturity.Complete this question by entering your answers in the tabs below.Required 2BInterest atMaturityRequired 2BGeneralJournalRequired 1Required 2AFirst, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to thenearest whole dollar.)Interest atMaturityPrincipalRate (%)TimeTotal interest< Required 2ARequired 2B General Journal >

Notes payable are the written agreement in which maker of the note promises to pay a certain amount…

Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 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 thir qua

Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 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 thir qua

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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