Accounts First Question Journal Instructions Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co, received the following notes: Date Interest Rate Term 1. Mar. 6 5% Face Amount $75,300 24,500 47.600 45 days 60 days 2. Apr. 23 9 3 July 20 5 120 days 4. Sept. 6 6 Nov. 29 55,400 24,100 67,400 5 6. 7 90 days 60 days 30 days Dec. 30 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 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 fino 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. Assuno a 360-day year when calculating interest. Round your answers to the nearest whole dollar. 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. Note Due Date Interest Due at Maturity 1 2 3 KR 4 5 6. Journal 2. Joumalize the entry to record the dishonor of Note 3)on is due date. Refer to the chart of accounts for the exact wording of the accountries GNOW journals do not use res for journal explanations. Every line on a joumal page is used for det or credit entries. CNOW joumals will automatically indent a creditenty when a credit amount is entored. 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 DERIT CREDIT ASSETS 1 LIABILITIES QUITY 2 1 Joumal 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 Bles. CNOW journals do not use Ines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indenta 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. REY DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Journal 4. Journalize the entries to record the receipt of the amounts cheon Notes (5) and (6) in January. Refer to the chart of accounts for the exact wording of the account ties CNOW journals do not use Ines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW Journals will automatically indent a crear entry when a credit amount is entered. Assume a 300-day year when calculating interest. Round your answers to the nearest whole dollar PACE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RIT DET CADOR Attris LABUTIES EQUITY 1
