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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 590 9%
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes Date Face Amount Interest Rate 590 9% 590 6% 7% 6% lerm 45 days 60 days 1. Mar. 6 2. Apr. 23 3. July 20 4. Sept. 6 5. Nov. 29 6. Dec. 30 $75,300 24,500 41,600 55,400 24,100 67,400 120 days 90 days 60 days 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. (Note: Round each interest computation to the whole dollar.) 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles 3. Journalize the adjusting entry to record the accrued 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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