(5)
(6)

2. Journalize the entry to record the dishonor of Note (3) on its due date. If an amount box does not require an entry, leave it blank or enter "0".

3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.

Dec. 31

4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. If an amount box does not require an entry, leave it blank or enter "0".

Note 5
Note 6

Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes: Date Term Interest Rate Face Amount $81,000 13,200 4 1. 2. % 45,000 Apr. 10 June 24 July 1 Oct. 31 Nov. 15 Dec. 27 60 days 30 days 120 days 60 days 60 days 30 days 45,000 + boot 5. 6. 90,000 180,000 Required: Assume 360 days in a year. 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Note (a) Due Date (b) Interest Due at Maturity