Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:

	Date	Face Amount	Term	Interest Rate
1.	Mar. 6	$75,000	60 days	4%
2.	Apr. 7	40,000	45 days	6%
3.	Aug. 12	36,000	120 days	5%
4.	Oct. 22	27,000	30 days	8%
5.	Nov. 19	48,000	90 days	3%
6.	Dec. 15	72,000	45 days	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 year.
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.
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.
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 titles.

CHART OF ACCOUNTS

Water Closet Co. General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
129	Allowance for Doubtful Accounts
131	Interest Receivable
132	Notes Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Store Equipment
192	Accumulated Depreciation-Store Equipment
193	Office Equipment
194	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
213	Sales Tax Payable
214	Interest Payable
215	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Sales Salaries Expense
521	Advertising Expense
522	Depreciation Expense-Store Equipment
523	Delivery Expense
524	Repairs Expense
529	Selling Expenses
530	Office Salaries Expense
531	Rent Expense
532	Depreciation Expense-Office Equipment
533	Insurance Expense
534	Office Supplies Expense
535	Store Supplies Expense
536	Credit Card Expense
537	Cash Short and Over
538	Bad Debt Expense
539	Miscellaneous Expense
710	Interest Expense

Journal Shaded cells have feedback PAGE 1 JOURNAL Score: 19/25 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. CREDIT DEBIT 342.00 ASSETS LIABILITIES EQUITY 1 1 Interest Receivable 2 Interest Revenue 342.00 1 First Question Shaded cells have feedback. X amount of interest due at maturity, identifying each note by number. Assume a 360-day year Points: 3.8/5 Note S Interest Due at Maturity 500 300 1. 2. 4. Joumalize 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 titles. s 3 Due Date May 5 May 22 Dec. 10 Nov. 21 Feb. 17 Jan. 29 s 600 S 4. 5. 6. How does grading work? s 180 360M 450 PAGE 1 S JOURNAL Score: 57/99 ACCOUNTING EQUATION DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DATE Jan 29 Cash DEBIT 72,450.00 1 2 Notes Receivable 72,000.00 1 1 1 3 Interest Receivable 170.00 4 Interest Revenue 280.00 t 5 Cash 6 7 8 Points: 10.36 / 18