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Prepare the entry to record issuance of the note

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Reference no: EM133077067

Question - Sylvestor Systems borrows $118,000 cash on May 15 by signing a 150-day, 4%, $118,000 note.

Required -

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.

Reference no: EM133077067

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