# You company borrows \$80,000 ca

You company borrows \$80,000 cash on December 1, by signing a 120day, 8% note, with a face value of \$80,000. Answer the followingquestions and record the transactions noted.

Record the issuance of the note on December 1.

Calculate and record the journal entry for interest required onDecember 31st.

Record the payment of interest and principal at maturity.

 WorkingNotes: CALCULATION OF TOTAL INTEREST ANDINTEREST RECOGNISED AS ON DECEMBER 31 & AT MATURITY Interest Expenses At December31 Interest Expenses AtMaturity Total Interest Principal value of note \$                  80,000 \$              80,000 \$              80,000 Rate % 8% 8% 8% Time 30 Days 6 Month 12 Month Total Interest \$                        533 \$                1,600 \$          2,133.33 Number of days in year is taken 360Days Solution: JournalEntries Date ACCT Title andexplanation Debit Credit Dec, 01 Cash \$                  80,000 Note Payable \$              80,000 (To record the issue of note @ 8%) Dec 31, Interest Expenses \$                        533 Interest Payable \$                    533 (To record the interest expenses ofDec 31) April, 30 Interest Expenses \$                    1,600 Interest Payable \$                        533 Note Payable \$                  80,000 Cash \$              82,133 (To record the payment of note withinterest)

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