(Answered) Question kwon co borrows 150000 cash on november 1 2011 by

Accounting

Question: Kwon Co. borrows $150,000 cash on November 1, 2011, by signing a 90-day, 9% note with a face value of $150,000.

1. On what date does this note mature? (Assume that February of 2011 has 28 days.)

2. How much interest expense results from this note in 2011? (Assume a 360-day year.)

3. How much interest expense results from this note in 2012? (Assume a 360-day year.)

4. Prepare journal entries to record

(a) issuance of the note,

(b) accrual of interest at the end of 2011, and

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