ZuoTi.Pro
Question

Sylvestor Systems borrows $157,000 cash on May 15 by signing a 150-day, 4%, $157,000 note.


Sylvestor Systems borrows $157,000 cash on May 15 by signing a 150-day, 4%, $157,000 note.

 1. On what date does this note mature?

 2 a. Prepare the entry to record issuance of the note

 2b. 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.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1) Maturity date = May 15+150 days = 12 October

2) Journal entry

Date General Journal Debit Credit
May 15 Cash 157000
Notes payable 157000

2b) Table

Table
Principal 157000
Rate 4%
Time 150/360
Interest 2617

Journal entry

Date General Journal Debit Credit
Oct 12 Notes payable 157000
Interest expense 2617
Cash 159617
2 0
Add a comment
Know the answer?
Add Answer to:
Sylvestor Systems borrows $157,000 cash on May 15 by signing a 150-day, 4%, $157,000 note.
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 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.

  • Sylvestor Systems borrows $99.000 cash on May 15 by signing a 90-day, 4%, $99,000 note.

    Sylvestor Systems borrows $99.000 cash on May 15 by signing a 90-day, 4%, $99,000 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.

  • Sylvestor Systems borrows $153,000 cash on May 15 by signing a 90-day, 4%, $153,000 note. 1....

    Sylvestor Systems borrows $153,000 cash on May 15 by signing a 90-day, 4%, $153,000 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. Required 1 Required 2A Required 2B Interest at Maturity Required 2B General Journal First, complete the table below...

  • Sylvestor Systems borrows $91,000 cash on May 15 by signing a 60-day, 4%, $91,000 note. 1....

    Sylvestor Systems borrows $91,000 cash on May 15 by signing a 60-day, 4%, $91,000 note. 1. On what date does this note mature? 20. 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...

  • Sylvestor Systems borrows $134,000 cash on May 15 by signing a 60-day, 5%, $134,000 note.

     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.

  • 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.

  • Sylvestor Systems borrows $83,000 cash on May 15 by signing a 120-day, 7%, $83,000 note. 1....

    Sylvestor Systems borrows $83,000 cash on May 15 by signing a 120-day, 7%, $83,000 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.

  • Sylvestor Systems borrows $120,000 cash on May 15 by signing a 30-day, 6%, $120,000 note. 1....

    Sylvestor Systems borrows $120,000 cash on May 15 by signing a 30-day, 6%, $120,000 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. - Record the issuance of the note Interest at Maturity - Principal - Rate% - Time - Toal...

  • Chapter 9 Exercises i Saved Sylvestor Systems borrows $148,000 cash on May 15 by signing a...

    Chapter 9 Exercises i Saved Sylvestor Systems borrows $148,000 cash on May 15 by signing a 180-day, 5%, $148,000 note. 1.33 points 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....

  • Accounting question Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $145,000 cash on...

    Accounting question Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $145,000 cash on May 15 by signing a 120-day, 7%, $145,000 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT