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Instructions First Question Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year when calculating interest. Round each interest computation to the whole dollar. Date Face Amount Interest Rate Term 1. Mar. 6 $78,000 4% 45 days Note Due Date Interest Due at Maturity 2. Apr. 23 24,500 9 60 days 1. $ 3. July 20 45,900 5 120 days 2. 4 Sept. 6 58,700 6 90 days 3 5. Nov. 29 27,400 7 60 days 4 6. Dec. 30 67,500 6 30 days 5. 6. Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year when calculating interest. Round each interest computation to the whole dollar. 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.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar. Journal 2 Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY . 2 3 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOV journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY . 2 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 4 5 7 8 Instructions The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) Apr. 10 Received a $156,000, 4%, 60-day note on account. May 15 Received a $266,700, 8%, 120-day note on account. June 9 Received $157,040 on note of April 10 Aug 22 Received a $145,200, 5%, 45-day note on account. Received $273,812 on note of May 15. Sept. 12 30 Received a $184,200, 9%, 60-day note on account. Oct. 6 Received $146,108 on note of August 22 18 Received a $115,800, 5%, 60-day note on account. Nov. 29 Received $186,963 on note of September 30. Dec 17 Received $116,765 on note of October 18. Required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Journal Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 9 10 12 14 15 16 17 20 21 22 25
