water closet co. wholesales bathroom fixtures. water closet recueved the following notes.

updates chart of accounts

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 2% 2. Apr. 7 40,000 45 days 9% 3. Aug. 12 36,000 120 days 6% 4. Oct. 22 27,000 30 days 6% 5. Nov. 19 48,000 90 days 3% 6. Dec. 15 72,000 45 days 5% First Question Shaded cells have feedback. 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 $ $ 2. May 22 3. Dec. 10 S 4. Nov. 21 S 5. Feb. 17 S 6. Jan. 29 S Points: 6/12 Feedback Journal Shaded olis have feedback 4. Journalizo tho 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. Round each interest computation to the nearest cent. Question not attempted. PAGE 1 JOURNAL Score: 0/99 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 1 4 1 6 Journal Shaded cells have feedback 2. Joumalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account bles. Round each interest computation to the nearest cent Question not attempted. PAGES JOURNAL Score: 0/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DERIT CREDIT ASSETS LUBILITIES EQUITY Points 0/7 Journal Shaded cells have feedback 3. Journalize the adjusting entry to record the accrued interest on Nomos (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account es. Assume a 360-day year. Round each interest computation to the nearest cent Question not attempted PAGE 1 ACCOUNTING EQUATION JOURNAL Score: 0/25 DATE DESCRIPTION POST. REF DET CREDIT ASSETS LIABILITIES EQUITY Chart of Accounts CHART OF ACCOUNTS Water Closet Co. General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 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 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 151 Prepaid Insurance 181 Land 191 Store Equipment Chart of Accounts 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 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 EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary