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Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $255,000 cash on December 1 of the current year by signing a 120-day, 8%, $255,000 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 (c) issuance of the note. (b) accrual of interest on December 31, and ( payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 On what date does this note mature? (Assume that February has 28 days) On what date does this note maturo? tes Roq 2 and 3 > Exercise 9-5 (Algo) Interest-bearing notes payable with year-end adjustments LO P1 Keesha Company borrows $255,000 cash on December 1 of the current year by signing a 120-day, 8%, $255,000 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 (d) issuance of the note, (b) accrual of interest on December 31, and (payment of the note at maturity Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Req4 What is the amount of Interest expense in the current year and the following year from this note? (Use 360 days a year. Do not round Intermediate calculations and round final answers to the nearest whole dollar) nces Total through maturity Interest Expense Current Year Interest Expense Following Year Principal Rate(%) Time Total interest Reg1 R> Journal entry worksheet >

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