Chapter 8-ACCT-1-10

Instructions Chart of Accounts First Question Journal Instructions Water Closet Co wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4% 2 Apr. 7 40,000 9% 45 days 120 days 3. Aug 12 36,000 7% 4 Oct. 22 27,000 30 days 6% 5. Nov. 19 48,000 90 days 3% 6 72,000 5% Dec. 15 45 days 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. (Note: Round each interest computation to the nearest cent) Check My Work Sav Email Instructor All work saved Instructions 5 Nov. 19 48,000 90 days 3% 6. Dec. 15 72,000 45 days 5% 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 (Note: Round each interest computation to the nearest cent.) 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles 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 exact wording of account titles. Assume a 360 day year. (Note: Round each interest computation to the nearest cent) 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February Refer to the Chart of Accounts for exact wording of account titles Check Work Email Instructor Save and Exit All work saved. o C Show Me How ails of notes receivable and related entries Instructions Chart of Accounts Journal First Question Shaded cells have feedback X Instructions First Question 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 (NoteRound eacherest.computation to the nearest cent.) Interest Due at Maturity Note $ 1 $ 2 Due Date May 5 May 22 Dec. 107 Nov 21 Feb 17 Jan 29 3 $ 4 5 6