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.

“Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

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 And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 4PB

See similar textbooks

Similar questions

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: Date Face Amount InterestRate Term 1. Apr. 10 $93,000 4% 60 days 2. June 24 16,800 6 30 days 3. July 1 63,000 6 120 days 4. Oct. 31 63,000 9 60 days 5. Nov. 15 72,000 6 60 days 6. Dec. 27 144,000 4 30 days Required: Question Content Area 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) $fill in the blank ff487bf42fbb015_2 (2) fill in the blank ff487bf42fbb015_4 (3) fill in the blank ff487bf42fbb015_6 (4) fill in the blank ff487bf42fbb015_8 (5) fill in the blank ff487bf42fbb015_10 (6) fill in the blank ff487bf42fbb015_12 Question Content Area 2.…
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: Date Face Amount Interest Rate Term 1. Apr. 10 $69,000 4% 60 days 2. June 24 13,200 6 30 days 3. July 1 45,000 6 120 days 4. Oct. 31 45,000 60 days 5. Nov. 15 54,000 6. 60 days 6. Dec. 27 180,000 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) June 10 460 (2) June 24 66 (3) July 1 900 (4) Oct. 31 675 (5) June 15 540 (6) Jan, 27 600 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 "O". Jul. 1 - Accounts Receivable 45,650 Notes Receivable 45,000 Interest Revenue 650 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on…
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: Date Face Amount Interest Rate Term 1. Apr. 10 $54,000 4% 60 days 2. June 24 12,000 6 30 days 3. July 1 63,000 6 120 days 4. Oct. 31 63,000 5 60 days 5. Nov. 15 54,000 6 60 days 6. Dec. 27 180,000 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) $fill in the blank f2d729f81fd1fab_2 (2) fill in the blank f2d729f81fd1fab_4 (3) fill in the blank f2d729f81fd1fab_6 (4) fill in the blank f2d729f81fd1fab_8 (5) fill in the blank f2d729f81fd1fab_10 (6) fill in the blank f2d729f81fd1fab_12 2. Journalize the entry to record the dishonor of Note (3) on its due…
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: Date Face Amount Interest Rate Term 1. Apr. 10 $54,000 4% 60 days 2. June 24 12,000 6 30 days 3. July 1 63,000 6 120 days 4. Oct. 31 63,000 5 60 days 5. Nov. 15 54,000 6 60 days 6. Dec. 27 180,000 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) June 9 $fill in the blank f2d729f81fd1fab_2 (2) July 24 fill in the blank f2d729f81fd1fab_4 (3) Oct. 29 fill in the blank f2d729f81fd1fab_6 (4) Dec. 30 fill in the blank f2d729f81fd1fab_8 (5) Jan. 14 fill in the blank f2d729f81fd1fab_10 (6) Jan. 26 fill in the blank f2d729f81fd1fab_12 Feedback 2. Journalize…
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: Date Face Amount Interest Rate Term 1. Apr. 10 $90,000 4% 60 days 2. June 24 15,600 6 30 days 3. July 1 27,000 6 120 days 4. Oct. 31 27,000 9 60 days 5. Nov. 15 54,000 6 60 days 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. Note (a)Due Date (b)Interest Due at Maturity (1) June 9 $ (2) July 24 (3) Oct. 29 (4) Dec. 30 (5) Jan. 14 (6) Jan. 26 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". Oct. 29 Accounts Receivable Notes Receivable Interest Revenue…
ah6 please help me. Thankyou. Aurora Company received a four-month 6%, 2,800 note receivable on December 1. The adjusting entry on December 31 will include Question content area bottom Part 1 A. debit Interest Receivable 14. B. credit Interest Revenue 14. C. both a and b. D. credit Interest Revenue 168 .
For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60
Transactions: Apr. 30 Issued a $198,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. Required: Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Batson Company 212 Accounts Payable-Jergens Inc. 213 Accounts Payable-Misner Co. 214 Accounts Payable-Scotland Company 221 Notes Payable-Batson Company 222 Notes Payable-Jergens Inc. 223 Notes Payable-Misner Co. 224 Notes Payable-Scotland…
oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyas
Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 December 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 7% note dated December 7. December 31. Recorded an adjusting entry for accrued interest on the note of December 7. December 31. Recorded the closing entry for interest revenue. 20Y8 February 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. If required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Dec. 31 20Y8, Feb. 5
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $45.00 12% % $ $176.20 $55.00 $
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $72,000, 60-day, 10% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent.