Kesha co. borrows 175,500 cash on December 1 2017 by signing a 120 day 12% note

Question

Kesha co. borrows 175,500 cash on December 1 2017 by signing a 120 day 12% note with a face value of 175000 Search the web 4 Exercise 9-4 Interest-bearing notes peyable with year-end edjustments LO P Keesha Co borrows $175,000 cash on December 1,201,by signing 120-day, 12% noe with a tace value of 05.000 1.0, what date does m. rote matare? (Asean, thet February has 28 days Mach 26, 20 March 27, 208 March 2, 20 March 30 2018 March 31 20 2. & 3. What the sount of nterest expense in 20) and 20l from this ne? Use 360 daysyeer Round fnwwers to the 2 WERTYU

Explanation / Answer

1 March 31,2018 2 Total through maturity Interest Expense 2017 Interest Expense 2018 Principal 175000 175000 175000 Rate (%) 12% 12% 12% Time 120/360 30/360 90/360 Total interest 7000 1750 5250 3 Transaction General Journal Debit Credit (a) Cash 1,75,000 Notes payable 1,75,000 (b) Interest expense 1,750 Interest payable 1,750 (c) Interest expense 5,250 Interest payable 1,750 Notes payable 1,75,000 Cash 1,82,000

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