CAN YOU PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM
1) Maturity date = 13 August , 2018
2a) Journal entry
date | account and explanation | Debit | Credit |
May 15 | Cash | 151000 | |
Notes payable | 151000 | ||
2b) Table
Interest expense | |
Principal | 151000 |
Rate | 5% |
Time | 90/360 |
Interest expense | 1887.50 |
Journal entry
Date | account and explanation | Debit | Credit |
Aug 13 | Notes payable | 151000 | |
Interest expense | 1887.50 | ||
Cash | 152887.50 | ||
(To record amount paid) |
CAN YOU PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM Chapter 9 Homework Seved Sylvestor Systems borrows...
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...
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....
Chapter 09 Homework Saved 7 Sylvestor Systems borrows $199,000 cash on May 15, 2018, by signing a 60-day, 5% note. 1. On what date does this note mature? 2. Assume the face value of the note equals $199,000, the principal of the loan. (a) Prepare the journal entry to record issuance of the note. (b) First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your journal entry to record payment of...
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 $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 $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 $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.
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 $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 $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.