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Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co, received the following notes: Required: 1. Determine for each note (a)
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co, received the following notes: 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 . 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. Joumalize 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." 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 intorest. Round each interest computation to the whole dollar. 2. Journalize the entry to record the dishonor of Note (3) on its dve date." 3. Joumalize the adusting entry to record the accrued interest on Notes (5) and (6) on December 31 ." 4. Joumalize the entries to record the recoipt of the amounts due on Notes (5) and (6) in January." "Refer to the chart of accounts for the evact wording of the account tites. CNOW joumals do not use ines for joumal explanabions. Evary line on. a foumal page is used for debit of crect entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. Assume a 300-day year when calculating interest. Aound your answers to the nearest whole dollar. 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 wher calculating interest. Round each interest computation to the whole dollar. your answers to the nearest whole dollar. calculting herest. Round your antwers to the nearest whole dollat. catilasing merest found your andwere to the newent whole dollar. calculating inierest Round your answers to the nearest whole doffar
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