2. SNK Corp produces advertising videos. During the current year ending December 31, SNK received the following notes Note Number 1 2 3 4 5 6 Round to the cent. Date AL Jan 13 Mar. 8 July 12 Aug 22 Nov. 14 Dec. 9 Face Amount Term $32.000 30 Days 60,000 45 Days 47,000 90 Days 15,000 75 Days 35,000 30 Days 23,000 60 Days Interest Rate 4.5% 8 6 5 7 6 a. Provide this answer by producing a table of data. Determine for each note: L the due date and the amount of interest due at maturity, identifying each note by number. b. Journalize the entry to record the dishonor of Note (3) on its due date. c. Journalize the adjusting entry to record the accrued interest on Note (6) on December 31. d. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) on their maturity dates.

2. SNK Corp produces advertising videos. During the current year ending December 31, SNK received the following notes Note Number 1 2 3 4 5 6 Round to the cent. Date AL Jan 13 Mar. 8 July 12 Aug 22 Nov. 14 Dec. 9 Face Amount Term $32.000 30 Days 60,000 45 Days 47,000 90 Days 15,000 75 Days 35,000 30 Days 23,000 60 Days Interest Rate 4.5% 8 6 5 7 6 a. Provide this answer by producing a table of data. Determine for each note: L the due date and the amount of interest due at maturity, identifying each note by number. b. Journalize the entry to record the dishonor of Note (3) on its due date. c. Journalize the adjusting entry to record the accrued interest on Note (6) on December 31. d. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) on their maturity dates.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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