Old Town Co. wholesales bathroom fixtures. During the current fiscal year, Old Town Co. received the following
Question:
Old Town Co. wholesales bathroom fixtures. During the current fiscal year, Old Town Co. received the following notes:
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Instructions
1. 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.
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Step by Step Answer:
1 a b Note Due Date Interest Due at Maturity 1 June 9 300 45000 60360 4 2 ...View the full answer
Answered By
JEYA SHANKER C K
Educational Qualification:
1. B.Sc Mathematics from Government Arts & Science College, Salem
2. Post Graduate Diploma in Management & Financial Management from IGNOU
3. Diploma in Computer Programming from Annamalai University
4. Certificate on AML & KYC, Credit Card for Bankers, Customer Service & BCSBI from Indian Institute of Bankers
5. CAIIB ( Indian Institute of Bankers)
Technical Skills:
Software: Worked in Indian Bank, Zonal EDP, Coimbatore, and as System Manager in Pollachi
Package: MS Office, Excel
Work Experience:
1. Worked in various capacities for 36 years and Eight months in Indian Bank
2. Worked as Chief Manager for One Year in CSB Bank Ltd, Guruvayur, Kerala
Tutoring Experience:
1. Taken classes for participants in our Bank's training college, Chennai.
2. Now taking online classes to students to clear their doubts/answering their questions.
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