H NM 11 2 Keesha Company borrows $200,000 cash on November 1 of the current year by signing Note…
H NM 11 2 Keesha Company borrows $200,000 cash on November 1 of the current year by signing Note Term (days) Rate Days in year 3 a 90-day, 9%, $200,000 note. $200,000 90 9% 360 4 5 Required: Issue Date Year End 6 1. On what date does this note mature? 1-Nov 31-Dec 7 8 (Use cells A2 to H6 from the given information to complete this question.) 9 10 On what date does this note mature? 31-Dec 12 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 13 14 Interest expense in current year $3,000.00 15 Interest expense in following year $1,500.00 16 17 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. 18 19 (Use cells A2 to H6, as well as the “Chart of Accounts” tab for cell referencing and/or formulas needed to complete this question.) Date Transaction General Journal Debit Credit 1-Nov (a) Eash 200,000 23 Notes payable 200,000 24 25 31-Dec (b) Interest expense 3,000 26 Cash 3,000 27 28 31-Dec (c) Accounts payable 29 Interest payable 30 Interest expense 31 Cash 32 20 21 22 OOO May 16 2022 03:09 PM
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