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Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Date Face Amount Interest Rate Term 1.

Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes:

Date

Face Amount

Interest Rate

Term

1. Mar. 6 $79,600 6% 45 days
2. Apr. 23 27,900 8 60 days
3. July 20 41,500 7 120 days
4. Sept. 6 51,500 8 90 days
5. Nov. 29 30,800 7 60 days
6. Dec. 30 69,300 5 30 days
Required:
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year when calculating interest. Round each interest computation to the whole dollar.
2. Journalize the entry to record the dishonor of Note (3) on its due date.*
3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.*
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January.*
*Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar.

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