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Gen-X Ads Co. produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes: Term 60 days 30 days 120

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Gen-X Ads Co. produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes: Term 60 days 30 days 120 dayS 60 days 60 days 30 days Date Face Amount Interest Rate 1. Apr. 10 2. June 24 3. July 1 4. Oct. 31 5. Nov. 15 6. Dec. 27 Required: $69,000 13,200 72,000 72,000 90,000 126,000 496 6 6 9 6 4 Assume 360 days in a year 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number Note (a) Due Date (1) June 9 (2) June 30 (b) Interest Due at Maturity 2. Journalize the entry to record the dishonor of Note (3) on its due date. If an amount box does not require an entry, leave it blank or enter "0". 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31 Dec. 31 4 Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. If an amount box does not require an entry, leave it blank or enter "O" Note 5 Note 6

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