Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: 1. 2. 3. 4. 5. 6. Date Mar. 6 Apr. 7 Aug. 12 Oct. 22 year. Nov. 19 Dec. 15 Face Amount $75,000 40,000 36,000 27,000 48,000 72,000 Term 60 days 45 days 120 days 30 days 90 days 45 days Interest Rate 4% 6% 5% 8% 3% 5% 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 2. Journalize the entry to record the dishonor of Note (3) on its due date. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Assume a 360-day year. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.

Water Closet Co. wholesales bathroom foxtures. During the current year ending December 31, Water Closet received the following notes: Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturily, identilying each nole by number. Assume a s60-day year. 2. Journalize the entry to record the dishonor of Note (3) on ils due date. 3. Joumalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Assume a S60-day year. 4. Joumalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February