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CAN YOU PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM

Chapter 9 Homework Seved Sylvestor Systems borrows $151,000 cash on May 15, 2018, by signing a 90-day, 5% note 50 points 1. O

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Answer #1

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)
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