Chapter 9 HW eBook Show Me How Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. $66,000 4% 60 days 2. June 24 15,600 6 30 days 3. 54,000 6 120 days Apr. 10 July 1 4. Oct. 31 54,000 5 60 days 5. Nov. 15 6 60 days 54,000 180,000 6. Dec. 27 4 30 days 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 (a) (b) Interest Due at Maturity Note Due Date (1) (2) (3) (9) (5) 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 (b) Note Due Date Interest Due at Maturity (1) (2) (3) (5) 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 bank or entero 3. Joumalize the adjusting entry to record the accrued interest on Notes (5) and (b) on December 31 Dec. 31 59 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31 Dec 31 4. Joumalize 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 bank or entero Jan 14 100 1000 Jan 26