Prepare your entry to record payment of the note at maturity

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Reference no: EM133901373

Problem

Sylvestor Systems borrows $101,000 cash on May 15 by signing a 150-day, 7%, $101,000 note. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. Use 360 days a year. Round final answers to the nearest whole dollar. First, complete the table below to calculate the interest expense at maturity. Get the instant assignment help. Use those calculated values to prepare your entry to record payment of the note at maturity. Use 360 days a year.

Reference no: EM133901373

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