Question

Details of notes receivable and related entries Instructions Chart of Accounts Starting Question Journal Instructions Date Interest Rate 6% 8% 7% 8% 7% 596 Face Amount Term 45 days 60 days 1. Mar. 6 2. Apr. 23 3. July 20 4. Sept. 6 5. Nov. 29 6. Dec. 30 $79,600 27,900 41,500 51,500 30,800 69,300 120 days 90 days 60 days 30 days Required 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number (Note: Round each interest computation to the whole dollar.) 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account titles. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. Refer to the Chart of nts for exact wording of account titles.

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