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Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Term 45 days 60 days Date Face
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Term 45 days 60 days Date Face Amount Interest Rate 1 Mar. 6 2. Apr. 23 3 July 20 . Sept. 6 $80,000 24,000 42,000 54,000 27,000 72,000 5% 9% 6% 7% 6% 5% 120 days 90 days 60 days 30 days Nov. 29 6. Dec. 30 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. 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 tiies. Assume a 360-day year when caiculating interest 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 tities. Assume a 360-day year when calculating interest. 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 tities. Assume a 360-day year when calculating interest
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