FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Keesha Company borrows $190,000 cash on December 1 of the current year by signing a 120-day, 9%, $190,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Reg 2 and 3 On what date does this note mature? Note: Assume that February has 28 days. Req 1 Req 4 On what date does this note mature? Reg 2 and 3> Mark
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Transcribed Image Text:Keesha Company borrows $190,000 cash on December 1 of the current year by signing a 120-day, 9%, $190,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Reg 2 and 3 On what date does this note mature? Note: Assume that February has 28 days. Req 1 Req 4 On what date does this note mature? Reg 2 and 3> Mark
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