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Calculate the interest expense at maturity

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Reference no: EM132642066

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.

Reference no: EM132642066

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