Sylvestor Systems borrows $157,000 cash on May 15 by signing a 30-day, 7%, $157,000 note

Accounting Dec 16, 2020

Sylvestor Systems borrows $157,000 cash on May 15 by signing a 30-day, 7%, $157,000 note.

1) On what date does this note mature?

2-a) Prepare the entry to record issuance of the note.

2-b) First, complete the table below to calculate the interest expense at maturity. Use those calculated values to make an entry to record payment of the note at maturity.

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