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

$1.$ Apr. $10$ $$69,0004\%60$ days

$2.$ June $2413,200630$ days

$3.$ July $163,0006120$ days

$4.$ Oct. $3163,000960$ days

$5.$ Nov. $1572,000660$ days

$6.$ Dec. $27144,000430$ days

Required:

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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.

Note $($a$)$

Due Date $($b$)$

Interest Due at Maturity

$(1)$

$fill in the blank f$6849$dfb$205$f$073\_2$

$(2)$

fill in the blank f$6849$dfb$205$f$073\_4$

$(3)$

fill in the blank f$6849$dfb$205$f$073\_6$

$(4)$

fill in the blank f$6849$dfb$205$f$073\_8$

$(5)$

fill in the blank f$6849$dfb$205$f$073\_10$

$(6)$

fill in the blank f$6849$dfb$205$f$073\_12$

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$2.$ 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.

Accounts Receivable Accounts Receivable

Notes Receivable Notes Receivable

Interest Revenue Interest Revenue

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$3.$ Journalize the adjusting entry to record the accrued interest on Notes $(5)$ and $(6)$ on December $31.$ If an amount box does not require an entry, leave it blank.

Dec. $31$

Interest Receivable Interest Receivable

Interest Revenue Interest Revenue

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$4.$ Journalize 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 blank.

Cash Cash

Notes Receivable Notes Receivable

Interest Receivable Interest Receivable

Interest Revenue Interest Revenue

Cash Cash

Notes Receivable Notes Receivable

Interest Receivable Interest Receivable

Interest Revenue Interest Revenue

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