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Keesha Company borrows $230,000 cash on December 1 of the current year by signing a 90-day, 11%, $230,000 note. 1. On what date does this note mature? 2. . What is the amount of interest expense in the current year and the following year from this note?   What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar.)       Total through maturity Interest Expense Current Year Interest Expense Following Year Principal       Rate (%)       Time       Total interest       3 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Please dont provide image in solutions thnku

Keesha Company borrows $230,000 cash on December 1 of the current year by signing a 90-day, 11%, $230,000 note. 1. On what date does this note mature? 2. . What is the amount of interest expense in the current year and the following year from this note?   What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar.)       Total through maturity Interest Expense Current Year Interest Expense Following Year Principal       Rate (%)       Time       Total interest       3 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Please dont provide image in solutions thnku

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Keesha Company borrows $230,000 cash on December 1 of the current year by signing a 90-day, 11%, $230,000 note.

1. On what date does this note mature?
2. . What is the amount of interest expense in the current year and the following year from this note?

 

What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Do not round intermediate calculations and round final answers to the nearest whole dollar.)

 
 
  Total through maturity Interest Expense Current Year Interest Expense Following Year
Principal      
Rate (%)      
Time      
Total interest      

3 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.

Please dont provide image in solutions thnku

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