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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
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: 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 blank. 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. 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 January and February. If an amount box does not require an entry, leave it blank
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