Details of Notes Receivable and Related EntriesGen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the followingnotes:InterestDateFace AmountRateTerm1.Аpr. 10$69,0004%60 days2.June 2416,80030 days3.July 172,000120 days4.Oct. 3172,00060 days54,00060 days5.Nov. 156.Dec. 27108,00030 daysRequired: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 noteby number.(a)(ь)NoteDue DateInterest Due at Maturity(1)(2)(3)(4)(5)(6)O o in o + 2. Journalize the entry to record the dishonor of Note (3) on its due date. If an amount box does not require anentry, leave it blank.Oct. 29Accounts ReceivableNotes ReceivableInterest Revenue3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. If anamount box does not require an entry, leave it blank.Dec. 314. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. If an amountbox does not require an entry, leave it blank.

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Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the folloving notes: Interest Date Face Amount Rate Term 1. Apr. 10 $69,000 4% 60 days 2. June 24 16,800 30 days 3. July 1 72,000 120 days 4. Oct. 31 72,000 5 60 days Nov. 15 54,000 60 days 5. 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. (a) (b) Note Due Date Interest Due at Maturity (1) (2) (3) (4) (5) (6)

Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the folloving notes: Interest Date Face Amount Rate Term 1. Apr. 10 $69,000 4% 60 days 2. June 24 16,800 30 days 3. July 1 72,000 120 days 4. Oct. 31 72,000 5 60 days Nov. 15 54,000 60 days 5. 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. (a) (b) Note Due Date Interest Due at Maturity (1) (2) (3) (4) (5) (6)

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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