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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:

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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: Interest Rate Date Face Amount Term 1. $69,000 4% 60 days Apr. 10 June 24 2. 16,800 30 days 3. July 1 72,000 120 days 0 0 0 0 4. Oct. 31 72,000 60 days 60 days 5. Nov. 15 54,000 6. Dec. 27 108,000 4 30 days Required: Assume 360 days in a year. Note Due Date 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number (a) (b) Interest Due at Maturity (1) (2) (3) (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 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in JanuaryIf an amount box does not require an entry, leave it blank. w

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