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Sylvestor Systems borrows $ 110,000 cash on May 15, 2013, by signing a 60 day, 12% note.
1. On what date does this note mature?
2. Suppose the face value of the note equals $ 110,000, the principal of the loan. Prepare the journal en tries to record
(a) Issuance of the note and
(b) Payment of the note at maturity.
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