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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:
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 $63,000 4% 60 days 2. June 24 18,000 6 30 days 3. July 1 36,000 6 120 days 4. Oct. 31 36,000 9 60 days 5. Nov. 15 90,000 6 60 days 6. Dec. 27 126,000 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. (b) Note Due Date Interest Due at Maturity (1) (2) (3) 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 blank or enter (5) 2. Sumar the entry on the dish) on out on the 1. De the time the writer and one 11 4. Journaline the entries to recorded on Sunde la seva esport
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