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Details of Notes Receivable and Related Entries Gen - X Ads Co . produces advertising videos. During the current fiscal year, Gen - X Ads
Details of Notes Receivable and Related Entries
GenX Ads Co produces advertising videos. During the current fiscal year, GenX Ads Co received the following notes:
Assume 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 Journalize the entry to record the dishonor of Note on its due date. If an amount box does not require an entry, leave it blank. Journalize the adjusting entry to record the accrued interest on Notes and on December If an amount box does not require an entry, leave it blank. Journalize the entries to record the receipt of the amounts due on Notes and in January. If an amount box does not require an entry, leave it blank.
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