b) First, complete the table below to calculate the interest expense at maturty.

Question

b) First, complete the table below to calculate the interest expense at maturty. Use those calculated values to prepare your journal entry to record payment of the note at maturity. (Use 360 days a year. Do not round intermediate calculations.) Interest at Maturity Principal Rate (%) Time Total interest View transaction list Journal entry worksheet Record the payment of the note at maturity. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

1) Date of maturity = July 14,2016

2) Journal entry :

b) Interest on maturity :

Journal entry :

Date accounts & explanation debit credit May 15,2015 Cash 162000     Notes payable 162000 (To record issue note)

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