Homework Answers
Ans 1. 2nd option. July 14, 2017.
( May 15 + 60 calendar days.)
Ans 2
| Interest at Maturity | |
| Principal | $53,000 |
| Rate % | 6% |
| Time | 60/360 days |
| Total Interest | =53,000*.06*60/360 = $530 |
* Total interest = Principal*interest rate*no. of days
Journal entry at maturity :-
| Account | Dr | Cr |
| Note payable | 53,000 | |
| Interest expense | 530 | |
| Cash | 53,530 |
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