Yas.8 Details of Notes Receivable and Related EntriesGen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes:1.2.3.4.5.6.Note(1)(2)(3)(4)(5)DateApr. 10June 24(6)July 1Oct. 31Nov. 15Dec. 27June 9July 24Oct. 29Dec. 30Jan. 14Face Amount$87,00016,80036,00036,00072,000144,000Required: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.(a)(b)Due DateInterest Due at Maturity580 ✔Jan. 2684713 X288 X720InterestRate478 X4%66564Term60 days30 days120 days60 days60 days30 days

Notes are the legal document issued to raise money. The issuer raises money and makes a promise to…

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: Interest Rate 1. 2. 3. 4. 5. 6. Note (1) Date Apr. 10 June 24 July 1 Oct. 31 Nov. 15 Dec. 27 (2) (3) (4) (5) (6) (a) Due Date June 9 July 24 Oct. 29 Dec. 30 Jan. 14 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 numb Jan. 26 Face Amount $87,000 16,800 36,000 36,000 72,000 144,000. ✓ (b) Interest Due at Maturity 580 ✔ 84 713 X 288 X 720 ✓ 4% 478 X 6 6 5. 6 4 Term 60 days 30 days. 120 days 60 days 60 days 30 days

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: Interest Rate 1. 2. 3. 4. 5. 6. Note (1) Date Apr. 10 June 24 July 1 Oct. 31 Nov. 15 Dec. 27 (2) (3) (4) (5) (6) (a) Due Date June 9 July 24 Oct. 29 Dec. 30 Jan. 14 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 numb Jan. 26 Face Amount $87,000 16,800 36,000 36,000 72,000 144,000. ✓ (b) Interest Due at Maturity 580 ✔ 84 713 X 288 X 720 ✓ 4% 478 X 6 6 5. 6 4 Term 60 days 30 days. 120 days 60 days 60 days 30 days

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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Question

Yas.8

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:
1.
2.
3.
4.
5.
6.
Note
(1)
(2)
(3)
(4)
(5)
Date
Apr. 10
June 24
(6)
July 1
Oct. 31
Nov. 15
Dec. 27
June 9
July 24
Oct. 29
Dec. 30
Jan. 14
Face Amount
$87,000
16,800
36,000
36,000
72,000
144,000
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.
(a)
(b)
Due Date
Interest Due at Maturity
580 ✔
Jan. 26
84
713 X
288 X
720
Interest
Rate
478 X
4%
6
6
5
6
4
Term
60 days
30 days
120 days
60 days
60 days
30 days

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