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Details of notes receivable and related entries Gen - X Ads produces advertising videos. During the current year ending December 3 1 , Gen -

Details of notes receivable and related entries
Gen-X Ads produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes:
Note Date Face Amount Term Interest Rate
1. January 14 $33,00030 days 4%
2. March 960,00045 days 7
3. July 1248,00090 days 5
4. August 2316,00075 days 6
5. November 1536,00060 days 8
6. December 1024,00060 days 6
Required:
Question Content Area
Assume 360 days in a year.
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number.
Note (a) Due Date (b) Interest Due
at Maturity
(1) fill in the blank 1 of 12
fill in the blank 2 of 12$
(2) fill in the blank 3 of 12
fill in the blank 4 of 12
(3) fill in the blank 5 of 12
fill in the blank 6 of 12
(4) fill in the blank 7 of 12
fill in the blank 8 of 12
(5) fill in the blank 9 of 12
fill in the blank 10 of 12
(6) fill in the blank 11 of 12
fill in the blank 12 of 12
Question Content Area
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.
blankAccountDebitCredit
blank
Question Content Area
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.
DateAccountDebitCredit
Dec. 31
Question Content Area
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. If an amount box does not require an entry, leave it blank.
EntriesAccountDebitCredit
Note 5
Note 6

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