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Accounting for note payable
Sylvestor Systems borrows $188,000 cash on May 15 by signing a 180-day, 5%, $188,000 note.
Question 1. On what date does this note mature?
Question 2-a. Prepare the entry to record issuance of the note.
Question 2-b. Calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
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