Question
2. SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the following notes: Date 1. Jan. 13 Face Amount
2. SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the following notes: Date 1. Jan. 13 Face Amount $32,000 Term Interest Rate 30 Days 4.5% 2. Mar. 8 60,000 45 Days 8 3. July 12 47,000 90 Days 6 4. Aug. 22 15,000 75 Days 5. Nov. 14 35,000 30 Days 57 6. Dec. 9 23,000 60 Days 6 a. Determine for each note: i. the due date and ii. the amount of interest due at maturity, identifying each note by number. b. Journalize the entry to record the dishonor of Note (3) on its due date. c. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. d. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) on their maturity dates.
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