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Exercise 11-3 Accounting for note payable LO P1
Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 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. (Use 360 days a year. Round final answers to the nearest whole dollar.)