Details of notes receivable and related entries Obj. 6 Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:

Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4%

2. Apr. 7 40,000 45 days 6 3. Aug. 12 36,000 120 days 5 4. Oct. 22 27,000 30 days 8 5. Nov. 19 48,000 90 days 3 6. Dec. 15 72,000 45 days 5 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) in January and February.

AppendixLO1