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Prepare journal entries to record issuance of the note

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Question: Kwon Co. borrows $150,000 cash on November 1, 2011, by signing a 90-day, 9% note with a face value of $150,000.

1. On what date does this note mature? (Assume that February of 2011 has 28 days.)

2. How much interest expense results from this note in 2011? (Assume a 360-day year.)

3. How much interest expense results from this note in 2012? (Assume a 360-day year.)

4. Prepare journal entries to record

(a) issuance of the note,

(b) accrual of interest at the end of 2011, and

(c) payment of the note at maturity

Reference no: EM131534083

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