# Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows \$195,000 cash on...

Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows \$195,000 cash on November 1 of the current year by signing a 150-day, 8%, \$195,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity.
What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year. Round final answers to the nearest whole dollar.) Total through maturity Interest Expense Current Year Interest Expense Following Year Principal Rate (%) Time Total interest
Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 > Record the issuance of the note on November 1. Note: Enter debits before credits. General Journal Debit Credit Transaction (a)

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