Instructions Water Closet Co, wholesale bathroom Fures. During the current year ending December 31, Water Closet received the following notes: Date Term Interest Rate 1. Mar. 6 Face Amount $75,000 40,000 60 days 45 days 9% 2. 3. 4. 5. Apr. 7 Aug. 12 Oct. 22 Nov. 19 36,000 27,000 120 days 30 days 90 days 45 days 48,000 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. (Note: Round each interest computation to the nearest cent.) 2. Joumate the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of accountitles 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 bites. Assume a 360-day year. (Note: Round each interest computation to the nearest cont.) 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February Refer to the Chart of Accounts for exact wording of account illos. 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. (Note: Round each interest computation to the nearest cent.) Note Due Date Interest Due at Maturity May 5 500.00 May 22 30.00 X Dec. 10 600.00 180.00 X Feb. 17 168.00 X Jan. 28 X 450.00 X Points: 6/12 Feedback Check My Work 1. Count the number of days in each month until the total number of days is reached for the form of the note and this will be the due date. Interest is not charged on the first day of the note. Journal mayor TOOTCUTS OUTRO wory C ommis Question not attempted. PAGE 1 JOURNAL Score: 0/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT M A SSETS LIABILITIES QUITY 3. Joumalize 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 computation to the nearest cont. Question not attempted. PAGE 1 Score: 0/25 ACCOUNTING EQUATION PHOTO For ACETE ARME FUIT 3. Jumalte the adjusting entry to record the scored interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account tes. Assume a 360 day year. Round each interest computation to the nearest cent. Question not attempted. JOURNAL Score: 0/25 ACCOUNTING EQUATION DESCRIPTION POST. REF. DET CREDIT ASSETS WANTES EQUITY Points: 0/5 to record me recept of the amounts due on Notes (5) January and February Refer to the Chart of Accounts for exact wording of accounts. Aound each interest.computation to the nearest cont of the Question not attempted. JOURNAL Shaded Journal Points the entries to record the recept of the amounts due on Notes (5) and (6) in January and February. Refer to the Chart of Accounts for exact wording of accounts. Round eachers nearest cent Question not attempted JOURNAL PAGE 1 Score: 0/99 ACCOUNTING EQUATION POST. REY DENT CREDIT ASSETS LABUTESQUITY
