Mindgames Company received the following notes during 20X3. Note Date Principal Amount Interest Rate Term (1) Nov.

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Mindgames Company received the following notes during 20X3. Note Date Principal Amount Interest Rate Term (1) Nov. 30 $12,000 12% 6 months (2) Dec. 7 9.000 10% 30 days (3) Dec. 23 13.000 9% 1 year Required Identify each note by number, compute interest using a 360-day year for those notes with terms specified in days or years, round all interest amounts to the nearest dollar, and present entries in general journal form. Explanations are not required. 1. Determine the due date and maturity value of each note. 2. Journalize a single adjusting entry at December 31, 20X3. to record accrued interest rev- enue on all three notes. 3. Journalize the collection of principal and interest on note (2).

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Accounting

ISBN: 9780130906991

5th Edition

Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones

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