Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Term Interest Rate 1. Jan. 14 $33,000 30 days 4% 2. Mar. 9 60,000 45 days 7% 3. July 12 48,000 90 days 5% 4. Aug. 23 16,000 75 days 6% 5. Nov. 15 36,000 60 days 8% 6. Dec. 10 24,000 60 days 6% Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. 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 and February. Refer to the Chart of Accounts for exact wording of account titles.
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Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received th...
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