Sylvestor Systems borrows $134,000 cash on May 15 by signing a 60-day, 5%, $134,000 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.
Answer | |||
Solution 1: | |||
Date of maturity =15 May + 120 days = 14 July | |||
Soltion 2a: | |||
Date | General Journal | Debit | Credit |
15-May | Cash | $ 1,34,000 | |
Notes payable | $ 1,34,000 |
Solution 2b: | |
Interest at Maturity | |
Principal | $ 1,34,000 |
Rate(%) | 5% |
Time | 60 days |
Total Interest=134000*5%*60/360 | $ 1,117 |
Note- Assume 360 days in a year |
Event | General Journal | Debit | Credit |
1 | Notes payable | $ 1,34,000 | |
Interest expense | $ 1,117 | ||
Cash | $ 1,35,117 |
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