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.	Apr. 10	$66,000		60	days	4	%
2.	June 24	16,800		30	days	6
3.	July 1	81,000		120	days	6
4.	Oct. 31	81,000		60	days	9
5.	Nov. 15	90,000		60	days	6
6.	Dec. 27	180,000		30	days	4

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)	Apr. 10Apr. 30June 9June 10	$fill in the blank e6db0b01bfa2f8f_2
(2)	June 24June 30July 24July 25	fill in the blank e6db0b01bfa2f8f_4
(3)	July 1July 31Oct. 28Oct. 29	fill in the blank e6db0b01bfa2f8f_6
(4)	Oct. 31Dec. 21Dec. 30Dec. 31	fill in the blank e6db0b01bfa2f8f_8
(5)	Nov. 16Nov. 30Jan. 14June 15	fill in the blank e6db0b01bfa2f8f_10
(6)	July 21Jan. 26Jan. 27Jan. 31	fill in the blank e6db0b01bfa2f8f_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 or enter "0".

	Accounts PayableAccounts ReceivableBad Debt ExpenseCashInterest ReceivableNotes Receivable	- Select -	- Select -
	Accounts ReceivableBad Debt ExpenseCashInterest ReceivableNotes PayableNotes Receivable	- Select -	- Select -
	Accounts ReceivableBad Debt ExpenseCashInterest ReceivableInterest RevenueSales	- Select -	- Select -

3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.

Dec. 31	CashInterest PayableInterest ReceivableInterest RevenueNotes ReceivableUnearned Interest	- Select -
	CashInterest PayableInterest ReceivableInterest RevenueNotes ReceivableUnearned Interest		- Select -

4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. If an amount box does not require an entry, leave it blank or enter "0".

Note 5	Accounts PayableAccounts ReceivableCashInterest ReceivableInterest RevenueNotes Receivable	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashInterest ExpenseNotes ReceivableSales	- Select -	- Select -
	Accounts ReceivableAllowance for Doubtful AccountsCashInterest PayableInterest ReceivableNotes Payable	- Select -	- Select -
	Accounts ReceivableCashInterest PayableInterest RevenueNotes PayableSales	- Select -	- Select -
Note 6	Accounts ReceivableCashInterest ReceivableInterest RevenueNotes ReceivableSales	- Select -	- Select -
	Accounts ReceivableCashInterest ExpenseInterest PayableNotes ReceivablePrepaid Interest	- Select -	- Select -
	Accounts ReceivableCashInterest ExpenseInterest PayableInterest ReceivableNotes Payable	- Select -	- Select -
	Accounts ReceivableCashInterest ExpenseInterest PayableInterest RevenueNotes Payable	- Select -	- Select -