Keshena Co. borrows $240,000 cash on November 1, 2009, by signing a 180-day, 10% note with a face value of $240,000.
1. On what date does this note mature? (February of 2009 has 28 days.)
2. How much interest expense results from this note in 2009? (Assume a 360-day year.)
3. How much interest expense results from this note in 2010? (Assume a 360-day year.)
4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2009, and (c) payment of The note at maturity.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.