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Instructions Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Interest Rate Term Date Face Amount
Instructions Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Interest Rate Term Date Face Amount $80,000 45 days Mar. 6 5% 1. 9 60 days 24,000 2. Apr. 23 120 days 3 July 20 42,000 7 90 days 4. Sept. 6 54,000 27,000 6 60 days 5 Nov. 29 5 30 days 6. Dec. 30 72,000 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 titles Assume a 360-day year when calculating 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 titles. 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 titles Assume a 360-dav vear when calculatina interest
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