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		30	days		4	%
2.	Mar. 9	60,000		45	days		7
3.	July 12	48,000		90	days		5
4.	Aug. 23	16,000		75	days		6
5.	Nov. 15	36,000		60	days		8
6.	Dec. 10	24,000		60	days		6

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)	Feb. 11Feb. 12Feb. 13	$fill in the blank 6c555aff706df9c_2
(2)	Apr. 21Apr. 22Apr. 23	fill in the blank 6c555aff706df9c_4
(3)	Oct. 10Oct. 11Oct. 12	fill in the blank 6c555aff706df9c_6
(4)	Nov. 6Nov. 7Nov. 8	fill in the blank 6c555aff706df9c_8
(5)	Jan. 14Jan. 15Jan. 16	fill in the blank 6c555aff706df9c_10
(6)	Feb. 7Feb. 8Feb. 9	fill in the blank 6c555aff706df9c_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.

blank	Accounts ReceivableBad Debt ExpenseCashInterest RevenueNotes Receivable	- Select -	- Select -
	Accounts ReceivableAllowance for Doubtful AccountsCashInterest ReceivableNotes Receivable	- Select -	- Select -
	Accounts ReceivableCashInterest PayableInterest RevenueUnearned Interest	- Select -	- Select -

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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	Accounts ReceivableCashInterest ReceivableInterest RevenueUnearned Interest	- Select -	- Select -
	Accounts ReceivableCashInterest ReceivableInterest RevenueNotes Receivable	- Select -	- Select -

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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	Accounts ReceivableCashInterest ReceivableInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -
	Accounts ReceivableBad Debt ExpenseCashNotes PayableNotes ReceivableUnearned Interest	- Select -	- Select -
	Accounts ReceivableAllowance for Doubtful AccountsCashInterest ExpenseInterest PayableInterest Receivable	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashInterest ExpenseInterest RevenueUnearned Interest	- Select -	- Select -
Note 6	Accounts ReceivableCashInterest ReceivableInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -
	Accounts PayableAccounts ReceivableBad Debt ExpenseCashNotes PayableNotes Receivable	- Select -	- Select -
	Accounts ReceivableAllowance for Doubtful AccountsCashInterest ExpenseInterest PayableInterest Receivable	- Select -	- Select -
	Accounts ReceivableAllowance for Doubtful AccountsCashInterest ExpenseInterest RevenueUnearned Interest	- Select -	- Select -