https:/newconnect whisperingHI S Ap- Homework (30pts) ’SHREVA CHAND I_ @Shoes to

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https:/newconnect whisperingHI S Ap- Homework (30pts) ’SHREVA CHAND I_ @Shoes tor women 1- mRetable-oo-To" O- "Create Your Free w., .my math iab ?Conect accont Help QS 9-4 Interest-bearing note transactions LO P1 on November 7, 2017, Mura Company borrows S160,000 cash by signing a 90-day, 8% note payable with a face value osooooo (Use 360 days a year. Do not round your intermediate calculations.) 1. Compute the accrued interest payable on December 31, 2017 Total through maturity 2. &3.Prepare the journal entry to record the accrued interest expense at December 31, 2017 and payment of the note at maturity Journal entry worksheet Prev 3of Next 2 3 0

Explanation / Answer

* * = principal Rate % time interest 1) total through maturity 160,000 8% 90/360 3200 Year end interest accrual 160,000 8% 54/360 1920 interest recognized feb 5 160,000 8% 36/360 1280 (nov 7 to nov 30 = 23 Dec 31 total 54 2&3) Date General journal Debit credit 31-Dec interest expense 1,920 interest payable 1,920 5-Feb note payable 160,000 interest payable 1,920 interest expense 1,280 cash 163,200

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