Keesha Co. borrows $235,000 cash on December 1 of the current
year by signing a 90-day, 9%, $235,000 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.
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