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

	Date	Face Amount	Term	Interest Rate
1.	Mar. 6	$79,600	45 days	6%
2.	Apr. 23	27,900	60 days	8%
3.	July 20	41,500	120 days	7%
4.	Sept. 6	51,500	90 days	8%
5.	Nov. 29	30,800	60 days	7%
6.	Dec. 30	69,300	30 days	5%

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.

Starting Queston

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.)

Note	Due Date	Interest Due at Maturity
1.		$
2.		$
3.		$
4.		$
5.		$
6.		$

Journal

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

	Date	Face Amount	Term	Interest Rate
1.	Mar. 6	$79,600	45 days	6%
2.	Apr. 23	27,900	60 days	8%
3.	July 20	41,500	120 days	7%
4.	Sept. 6	51,500	90 days	8%
5.	Nov. 29	30,800	60 days	7%
6.	Dec. 30	69,300	30 days	5%

	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.

X

Starting Question

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.)

Note	Due Date	Interest Due at Maturity
1.		$
2.		$
3.		$
4.		$
5.		$
6.		$

X

Journal

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.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3

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.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2

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.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8