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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 Term Interest Rate $82,000
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Date Face Amount Term Interest Rate $82,000 45 days 1. Mar.6 2, Apr, 23 28.900 60days 10% 3. July 20 4. Sept. 6 49,70090 days 5. Nov. 29 6. Dec. 30 72,000 30 days 41,400 120 days 26,300 60 days 6% Required: 1. Determine for each note (o) the due date and (b) the amount of interest due at maturity, identifying each note by number. (Note: Round each interest computation to the whole dollar.) 2. Journalize the entry to record the dishonsr of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account tities 3. Journalize the adjusting entry to record the acrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account titles. 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 exact wording of account titles
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