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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: Date Face Amount Term Interest Rate 1. Apr. 10 $78,000 15,600 27,000 60 days 30 days 120 days 60 days 60 days 30 days 2. June 24 July 1 4. Oct. 31 5. Nov. 15 6. Dec. 27 Required: 27,000 54,000 108,000 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) June 9 520 (2) July 24 Oct. 29 Dec. 30 Jan. 14 Jan. 26 (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 or enter "0". Accounts Receivable Notes Receivable Interest Revenue 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 Receivable Notes Receivable Interest Revenue
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