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Sylvestor Systems borrows $109,000 cash on May 15 by signing a 120-day, 6%, $109,000 note. 1....

Sylvestor Systems borrows $109,000 cash on May 15 by signing a 120-day, 6%, $109,000 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

The - - note will Explanation mature on September 12, 2015 Maturdy Date e May 15 + 120days - Sep 18th, 2015 O gl Journal Da

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