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Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Required: 1. Determine for each note

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Water Closet Co. wholesales bathroom fixtures. 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 maturity, identilying each note by number. Assume a 360 -day year. 2. Joumalize 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. Chart of Accounts Chart of Accounts 132NotesReceivable141MorchandiseInventory145OfficeSupplies146StoreSupplies151PrepaidInsurance181Land191StoreEquipment192AccumulatedDepreciation-StoreEquipment193OfficeEquipment194AccumulatedDepreciation-OfficeEquipmentLiABiLITIES210AccountsPayable211SalariesPayable213SalesTaxPayable214InterestPayable215NotesPayable520SalesSalariesExpense521AdvertisingExpense522DepreciationExpense-StoreEquip523DeliveryExpense524RepairsExpense529SellingExpenses530OHliceSalariesExpense531RentExpense532DepreciationExpense-OfficeEquis533InsuranceExpense534OtliceSuppliesExpense535StoreSuppliesExpense536CreditCardExpense537CashShortandOver538BadDebtExpense539MiscellaneousExpense710InterestExpense EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identitying each note by number. Assume a 360 -day year. 2. Joumalize the entry fo record the dishonor of Note (3) an its due date. 3. Journalize the acjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Assume a 360-day year. 3. Joumakize the adiusting entry to record the accrued interest on Nores (5) and (6) on December 31. Assume a 360-day year. 4. Joumalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. 4. Journalize the ontries to record the roceipt of the amounts duo on Notes (5) and (6) in January and Fobruary

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