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Date 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

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Date 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: Face Amount Interest Rate Term 1. Apr. 10 $90,000 4% 60 days 2. June 24 12,000 6 30 days 3. July 1 63,000 120 days Oct. 31 63,000 60 days 6 4 9 5 Nov. 15 6 60 days 72,000 144,000 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) (6) Note Interest Due at Maturity (1) Due Date (2) (3) (4) (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 blank or enter"0" 3. Journalize the adjusting entry to record the accrued Interest on Notes (S) 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 17 an amount box does not require an entry, leave it blank or enter "O Jan, 14 Jan 26

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