Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 30 days 45 days 90 days 75 days 60 days 60 days 1. Jan. 14 $33,000 4% 2. Mar. 9 60,000 July 12 3. 48,000 16,000 4. Aug. 23 36,000 5. Nov. 15 Dec. 10 6. 24,000 Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at ma- turity, identifying each note by number. 2. Journalize the entry to record the dishonor of Note (3) on its due date. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.

Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 30 days 45 days 90 days 75 days 60 days 60 days 1. Jan. 14 $33,000 4% 2. Mar. 9 60,000 July 12 3. 48,000 16,000 4. Aug. 23 36,000 5. Nov. 15 Dec. 10 6. 24,000 Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at ma- turity, identifying each note by number. 2. Journalize the entry to record the dishonor of Note (3) on its due date. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4 % 60 days 2. June 24 18,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 9 60 days 5. Nov. 15 90,000 6 60 days 6. Dec. 27 144,000 4 30 days - Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.
Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4 % 60 days 2. June 24 18,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 9 60 days 5. Nov. 15 90,000 6 60 days 6. Dec. 27 144,000 4 30 days - Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January
Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $75,000 4% 60 days 2. June 24 13,200 6 30 days 3. July 1 36,000 6 120 days 4. Oct. 31 36,000 9 60 days 5. Nov. 15 72,000 6 60 days 6. Dec. 27 126,000 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. Note (a)Due Date (b)Interest Due at Maturity (1) (2) (3) (4) (5) (6) 2. Journalize the entry to record the dishonor of Note (3) on its due date. If an amount box does not require an entry, leave it blank or enter "0". Cash Cash Notes Receivable Notes Receivable Interest Receivable Interest Receivable Feedback Count the number of…
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	Date	Face Amount	Interest Rate	Term
1.	Jan. 14	$33,000		4	%	30	days
2.	Mar. 9	60,000		7		45	days
3.	July 12	48,000		5		90	days
4.	Aug. 23	16,000		6		75	days
5.	Nov. 15	36,000		8		60	days
6.	Dec. 10	24,000		6		60	days