Ch 11 HW 6 Saved Help Save & Exit Sbmit Check my work Keesha Co. borrows $285,00

Question

Ch 11 HW 6 Saved Help Save & Exit Sbmit Check my work Keesha Co. borrows $285,000 cash on December 1, 2017, by signing a 180-day, 11% note with a face value of $285,000 1. On what date does this note mature? (Assume that February has 28 days) 1.25 points OMay 25, 2018 O May 26, 2018 May 27, 2018 May 28, 2018 May 30, 2018 04:11:54 Hint Print References 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.) Total Interest Interest atity Expense 2017 Expense 2018 matur Principal Rate (%) Time Total interest

Explanation / Answer

1) May 30,2018

2&3) Schedule :

Journal entry

Total through maturity Interest in 2017 Interest in 2018 Principal 285000 285000 285000 Rate 11% 11% 11% Time 180/360 30/360 150/360 Total interest 15675 2612.50 13062.50

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---