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

DateFace AmountInterest RateTerm1.Mar. 6$77,9004%45 days2.Apr. 2328,2001060 days3.July 2037,1007120 days4.Sept. 656,500690 days5.Nov. 2926,400660 days6.Dec. 3071,100430 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.

CHART OF ACCOUNTSFlush Mate Co.General Ledger

ASSETS110Cash111Petty Cash120Accounts Receivable129Allowance for Doubtful Accounts131Interest Receivable132Notes Receivable141Merchandise Inventory145Office Supplies146Store Supplies151Prepaid Insurance181Land191Store Equipment192Accumulated Depreciation-Store Equipment193Office Equipment194Accumulated Depreciation-Office Equipment LIABILITIES210Accounts Payable211Salaries Payable213Sales Tax Payable214Interest Payable215Notes Payable EQUITY310Owner, Capital311Owner, Drawing REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold520Sales Salaries Expense521Advertising Expense522Depreciation Expense-Store Equipment523Delivery Expense524Repairs Expense529Selling Expenses530Office Salaries Expense531Rent Expense532Depreciation Expense-Office Equipment533Insurance Expense534Office Supplies Expense535Store Supplies Expense536Credit Card Expense537Cash Short and Over538Bad Debt Expense539Miscellaneous Expense710Interest Expense

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.

NoteDue DateInterest Due at Maturity1.June 22 2. 3. 4. 5. 6.

2. Journalize the entry to record the dishonor of Note (3) on its due date. 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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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 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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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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DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4 5 6 7 8