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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
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: 1. Date Apr. 10 Face Amount Interest Rate Term $63,000 4% 60 days 2. June 24 13,200 6 30 days 3. July 1 54,000 6 120 days 4. Oct. 31 54,000 9 5. Nov. 15 6. Dec. 27 90,000 144,000 9 6 60 days 60 days 4 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. (a) (b) Interest Due at Maturity Note Due Date (1) June 9 420 (2) July 24 (3) Oct. 29 66 1,080 (4) Dec. 30 (5) Jan. 14 810 900 (6) Jan. 26 480
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