#2 Sylvester Systems borrows $110,000 cash on May 15, 2015, by signing a 60-day, 12% note. Directions: Answer the following questions:

1.     Answer:

2.     Suppose the face value of the note equals $110,000, the principal of the loan. Complete the journal entries to record (a) issuance of the note and (b) payment of the note at maturity.

Directions: Using the information in 2 above, enter the dollar ($) amount for both the debit and credit sides on each journal entry.

Attached file! PLEASE REVIEW

Thanks!