Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal
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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 Co. received the following notes:
| Date | Face Amount | Interest Rate | Term | ||||
| 1. | Apr. 10 | $87,000 | 4% | 60 | days | ||
| 2. | June 24 | 16,800 | 6 | 30 | days | ||
| 3. | July 1 | 81,000 | 6 | 120 | days | ||
| 4. | Oct. 31 | 81,000 | 5 | 60 | days | ||
| 5. | Nov. 15 | 72,000 | 6 | 60 | days | ||
| 6. | Dec. 27 | 162,000 | 4 | 30 | 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.
| Note | (a) Due Date | (b) Interest Due at Maturity | |
| (1) | $fill in the blank 0092f1092f9d043_2 | ||
| (2) | fill in the blank 0092f1092f9d043_4 | ||
| (3) | fill in the blank 0092f1092f9d043_6 | ||
| (4) | fill in the blank 0092f1092f9d043_8 | ||
| (5) | fill in the blank 0092f1092f9d043_10 | ||
| (6) | fill in the blank 0092f1092f9d043_12 | ||
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.
| fill in the blank 0c80ba09b05b011_3 | fill in the blank 0c80ba09b05b011_4 | ||
| fill in the blank 0c80ba09b05b011_6 | fill in the blank 0c80ba09b05b011_7 | ||
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
