Detalls of Notes Recelvable and Related Entries Gen-X Ads Co. produces advertising videos, During the current fiscal year, Gen-X Ads Co, received the following notes: 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: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by num Feedback T Check My Work Count the number of days in each month until the total number of days is reached for the term of the note and this will b due date, Interest is not charged on the first day of the note. Typically, the maker of a dishonored note fails to pay the note on the due date. A company that holds a dishonored note ti the face amount of the note plus any interest due back to an accounts recelvable account. Interest revenue is not depend receiving the interest at this point. Cosh recelved will include the maturity value of the note. Cash recelved will include the maturity value of the note, 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 Thedink 7 Check lidy Work 3. (Note 5) Calculate the number of days of interest that occrues between November 15 and December 31 . Remember interest is not charged on the first day of the note. Use this to calculate: (a) interest Rate Foce Amount = Annual Interest. (b) Annual interest x (number of days to end of year +360 days) = interest on note to the end of the year Interest receivabie is debited and interest revenue is credited. (Note 6) Calculate the number of days of interest that accrues between December 10 and December 31 , Remember interest is (a) Interest Rate Face Amount = Annual Interest. (b) Annual Interest x (number of days to end of year +360 days) = interest on note to the end of the year Interest recelvable is debited and interest revenue is credited. 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. Fectiack T Cneck My hork Count the number of days in eoch month until the total number of days is reached for the term of the nate and this will be the