Hauser Co. wholesales bathroom fixtures. During the current fiscal year, Hauser Co. received the following notes:

Instructions1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number.2. Journalize the entry to record the dishonor of Note (3) on its due date.3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) inJanuary.

Transcribed Image Text:

Interest Rate Face Amount Term Date 60 days 1. 8% 12 Apr. 4 S30,000 18,500 16,200 36,000 June 26 July 5 2. 3. 4. 5. 6. 120 days 60 days 30 days Oct. 31 60 days 40,500 Dec. 27 12