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:

$\backslash$table$[[,$Date,Face Amount,Interest Rate,Term$],[1.,$Apr. $10,$$$63,000,4\%,60$ days$],[2.,$June $24,18,000,6,30$ days$],[3.,$July $1,54,000,6,120$ days$],[4.,$Oct. $31,54,000,9,60$ days$],[5.,$Nov. $15,54,000,6,60$ days$],[6.,$Dec. $27,108,000,4,30$ days$]]$

Required:

Assume $360$ days in a year.

Determine for each note $($a$)$ the due date and $($b$)$ the amount of interest due at maturity, identifying each note by number.

$($a$)$

$($b$)$

Note

Due Date

Interest Due at Maturity

$(1)$

$

$(2)$

$(3)$

$(4)$

$(5)$

$(6)$

$2.$ 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 $(5)$ and $(6)$ on December $31.$

Dec. $31$

Jan. $14$

Jan. $26$