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Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes:
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1 Apr, 10 $78,000 4% 60 days 2. June 24 14,400 6 30 days 3 July 1 27,000 6 120 days 4. Oct. 31 27,000 g 60 days 5. Nov. 15 72,000 6 60 days 6. Dec. 27 162,000 4 30 days Required: 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 nate by number
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