Question
In: Accounting
en-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the...
en-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 | 18,000 | 6 | 30 | days | ||
| 3. | July 1 | 63,000 | 6 | 120 | days | ||
| 4. | Oct. 31 | 63,000 | 9 | 60 | days | ||
| 5. | Nov. 15 | 90,000 | 6 | 60 | days | ||
| 6. | Dec. 27 | 108,000 | 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 note by number.
| Note | (a) Due Date |
(b) Interest Due at Maturity |
|
| (1) | $ | ||
| (2) | |||
| (3) | |||
| (4) | |||
| (5) | |||
| (6) | |||
2. Journalize the entry to record the dishonor of Note (3) on its due date. If an amount box does not require an entry, leave it blank or enter "0".
3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.
| Dec. 31 | |||
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. If an amount box does not require an entry, leave it blank or enter "0".
| Jan. 14 | |||
| Jan. 26 | |||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the...
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
$75,000
4
%
60
days
2.
June 24
18,000
6
30
days
3.
July 1
45,000
6
120
days
4.
Oct. 31
45,000
5
60
days
5.
Nov. 15
90,000
6
60
days
6.
Dec. 27
180,000
4
30
days
Required:
Assume 360 days in a
year.
1.
Determine for each note (a)...
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
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
$63,000
4%
60
days
2.
June 24
14,400
6
30
days
3.
July 1
45,000
6
120
days
4.
Oct. 31
45,000
9
60
days
5.
Nov. 15
90,000
6
60
days
6.
Dec. 27
144,000
4
30
days
Required:
Assume 360 days in a year....
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
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
$66,000
4%
60
days
2.
June 24
18,000
6
30
days
3.
July 1
27,000
6
120
days
4.
Oct. 31
27,000
5
60
days
5.
Nov. 15
72,000
6
60
days
6.
Dec. 27
180,000
4
30
days
Required:
Assume 360 days in a year....
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
Details of Notes Receivable and Related Entries
Gen-X Ads Co. produces advertising videos. During the current
year ending December 31, Gen-X Ads received the following
notes:
Date
Face Amount
Term
Interest Rate
1.
Apr. 10
$75,000
60
days
4
%
2.
June 24
16,800
30
days
6
3.
July 1
72,000
120
days
6
4.
Oct. 31
72,000
60
days
9
5.
Nov. 15
54,000
60
days
6
6.
Dec. 27
180,000
30
days
4
Required:
Assume 360 days in...
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
Details of Notes Receivable and Related Entries
Gen-X Ads Co. produces advertising videos. During the current
year ending December 31, Gen-X Ads received the following
notes:
Date
Face
Amount
Term
Interest
Rate
1.
Apr. 10
$75,000
60
days
4
%
2.
June 24
16,800
30
days
6
3.
July 1
72,000
120
days
6
4.
Oct. 31
72,000
60
days
9
5.
Nov. 15
54,000
60
days
6
6.
Dec. 27
180,000
30
days
4
Required:
Assume 360 days in...
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
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
12,000
6
30
days
3.
July 1
27,000
6
120
days
4.
Oct. 31
27,000
5
60
days
5.
Nov. 15
72,000
6
60
days
6.
Dec. 27
108,000
4
30
days
Required:
Assume 360 days in a...
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
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
$69,000
4
%
60
days
2.
June 24
14,400
6
30
days
3.
July 1
72,000
6
120
days
4.
Oct. 31
72,000
5
60
days
5.
Nov. 15
54,000
6
60
days
6.
Dec. 27
144,000
4
30
days
Required:
Assume 360 days in a...
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
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
$93,000
4
%
60
days
2.
June 24
14,400
6
30
days
3.
July 1
36,000
6
120
days
4.
Oct. 31
36,000
9
60
days
5.
Nov. 15
54,000
6
60
days
6.
Dec. 27
162,000
4
30
days
Required:
Assume 360 days in a...
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current...
Details of Notes Receivable and Related Entries
Gen-X Ads Co. produces advertising videos. During the current
year ending December 31, Gen-X Ads received the following
notes:
Date
Face Amount
Term
Interest Rate
1.
Apr. 10
$84,000
60
days
4
%
2.
June 24
18,000
30
days
6
3.
July 1
81,000
120
days
6
4.
Oct. 31
81,000
60
days
5
5.
Nov. 15
90,000
60
days
6
6.
Dec. 27
144,000
30
days
4
Required:
Assume 360 days in...
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the...
Flush Mate Co. wholesales bathroom fixtures. During the current
fiscal year, Flush Mate Co. received the following notes:
Date
Face Amount
Interest Rate
Term
1.
Mar. 6
$78,000
4%
45 days
2.
Apr. 23
24,500
9
60 days
3.
July 20
45,900
5
120 days
4.
Sept. 6
58,700
6
90 days
5.
Nov. 29
27,400
7
60 days
6.
Dec. 30
67,500
6
30 days
Required:
4.
Journalize the entries to record the receipt of the amounts due
on...
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