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Sylvestor Systems borrows $151,000 cash on May 15 by signing a 150-day, 6%, $151,000 note. 1....

Sylvestor Systems borrows $151,000 cash on May 15 by signing a 150-day, 6%, $151,000 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.

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Answer #1

1) Maturity date = 12 October

2a) Journal entry

Date account and explanation Debit Credit
May 15 Cash 151000
Notes payable 151000

2b) Table

Interest
Amount 151000
Rate 6%
Time 150/360
Interest 3775

Journal entry

date account and explanation Debit Credit
Oct 12 Notes payable 151000
Interest expense 3775
Cash 154775
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