Date Face Amount Interest Rate Term 1. Mar. 6 $75,300 5% 45 days 2. Apr. 23 24,500 9 60 days 3. July 20 41,600 5 120 days 4. Sept. 6 55,400 6 90 days 5. Nov. 29 24,100 7 60 days 6. Dec. 30 67,400 6 30 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 380 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 line 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. Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar. 2. Journalize the entry to record the inhonor of Noto (3) on its due date. Refer to the chart of accounts for the exact wording of the account is CNOW oumalu do not use Arnes for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically inderit a credit entry when a credit amount as entered Armumo a 360-day your when calculating interest. Round your answers to the nearest whole dollar MOET JOURNAL ACCOUNTING EQUATION CREDIT AT OUTY DET LIABILITIES DATE DESCRIPTION POSTER 1 2 3. Journalize the adjusting entry to record the socrued interest on Notes (5) and (6) on December 31. Redur to the chart of account for me aract wording of the account Rebou CNOW journals do not use lines for journal explanations. Every Wne on a journal paper is used for debit or credit entries. CNOW you will automaticaly ndont acudit entry when a create amount is entered. Assume a 300-day year when oneinting interest. Round your answers to the nearest whole dollar. ANGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. RER DEBIT CREDIT LINUTES EQUITY 1 1 Instructions Chart of Accounts First Question Journal Instructions Journal PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DERIT CREDIT ASSETS LIABLES EQUITY 1 2 3 4 6 7 GERRY Previous Check My Work 3 more Check My Work uses remaining, Email Instructor Save and Exit Submit Assignment All work saved
