Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes: Date Face Amount Term Interest Rate 1. Jan. 14 $33,000 4 % 2. Mar. 9 7 60,000 48,000 30 days 45 days 90 days 75 days 3. July 12 5 4. 16,000 Aug. 23 6 5. Nov. 15 60 days 8 36,000 24,000 6. 6 Dec. 10 60 days Required: 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 (b) Interest Due at Maturity Note (a) Due Date (2) (3) T O Type here to search DLL (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. 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 88 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. Note 5 . O Type here to search 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 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. Note 5 Note 6 1110 llll ll 0 | . e Type here to search DLL