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Sylvestor systems borrows 110000 cash on may 15 2013 by


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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Accounting Basics: Sylvestor systems borrows 110000 cash on may 15 2013 by
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