Business, 19.12.2019 05:31 cxttiemsp021

On november 7, 2017, mura company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (use 360 days a year. do not round your intermediate calculations.)

1. compute the accrued interest payable on december 31, 2017

principal xrate (%) xtime =interest

total through maturity 160,000 8 90/360 3,200

year end interest accrual 160,000 8 54/360 1,920

interest recognized feb. 5 160,000 8 4/360 1,280

2. & 3. prepare the journal entry to record the accrued interest expense at december 31, 2017 and payment of the note at maturity

record the accrued interest expense.

2) dec. 31, 2017

3) feb 05, 2018

(all im missing for this one is the amount of $ credited in accounts payable, its not $1,920 or $3,200 or 1,280)

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On november 7, 2017, mura company borrows $160,000 cash by signing a 90-day, 8% note payable with a...

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