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can you answer the questions and journalize these accounts Flush Mate Co. wholesales bathroom fotures. Duning the current fiscal year. Flush Mate Co. received the
can you answer the questions and journalize these accounts
Flush Mate Co. wholesales bathroom fotures. Duning the current fiscal year. Flush Mate Co. received the following notes: Required: 1. Dehemine for each nate (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 2 Joumaige the enty to record the dishonor of Note (3) on its due dale : 3. Joumalize the adusting enify to record the aocred interest on Notes (5) and (5) on December 31: 4. Joumalize the entres to record the receipt of the amounts due on Notes (5) and (6) in January: *Refer to the chart of acocunts for the exact wording of the account titles CNOW joumals do not use lines for joumal explanations. Every line on a journal page is used for debt or credr entries. CNOW joumals will automstioally indent a credit entry when a credit amount is entered Assume a 360-day year ahen calculating inderest. CHART OF ACCOUNTS Flush Mate Co General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Penty Cash 010 Interest Revenue 120 Acoounts Receivable 129 Alowance for Doubdul Accounts EXPENSES 131 Interest Receivable 510 Cost of Merchandise Sold 132 Notes Receivable 520 Sales Salaries Expense 141 Merchandise Inventory 521 Advertising Expense 145 Ofice Supplies 522 Depreciation Expense-Store Equipment 145 Siore Supplies 523 Delivery Expense 151 Prepaid Insurance 524 Repairs Expense 181 Land 529 Selling Expenses 181 Store Equipment 530 Office Salaries Expense 192 Accumulated Depreciation Store Equipment 531 Rent Expense 193 Onice Equipment 532 Deprecition Expense-Ollice Equipment 104 Accumulated Depreciation-Ofice Equipment 533 insurance Expense 534 Ofice Supplies Expense LLABLTES 535 Store Supples Expense 210 Accounts Payable 536 Credt Card Expense - 211 Salaries Payable 537 Cash Short and Over 213 Sales Tax Payable 535 Bad Debt Expense 214 Interest Payable 539 Miscellaneous Expense 215 Notes Payable 710 interest Expense EQUITY 310 Ouner, Captal 311 Owner. Drawing Step by Step Solution
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