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: Interest Rate 1. 2. 3. 4. 5. 6. Note (1) Date Apr. 10 June 24 July 1 Oct. 31 Nov. 15 Dec. 27 (2) (3) (4) (5) (6) (a) Due Date June 9 July 24 Oct. 29 Dec. 30 Jan. 14 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 numb Jan. 26 Face Amount $87,000 16,800 36,000 36,000 72,000 144,000. ✓ (b) Interest Due at Maturity 580 ✔ 84 713 X 288 X 720 ✓ 4% 478 X 6 6 5. 6 4 Term 60 days 30 days. 120 days 60 days 60 days 30 days
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: Interest Rate 1. 2. 3. 4. 5. 6. Note (1) Date Apr. 10 June 24 July 1 Oct. 31 Nov. 15 Dec. 27 (2) (3) (4) (5) (6) (a) Due Date June 9 July 24 Oct. 29 Dec. 30 Jan. 14 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 numb Jan. 26 Face Amount $87,000 16,800 36,000 36,000 72,000 144,000. ✓ (b) Interest Due at Maturity 580 ✔ 84 713 X 288 X 720 ✓ 4% 478 X 6 6 5. 6 4 Term 60 days 30 days. 120 days 60 days 60 days 30 days
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter8: Receivables
Section: Chapter Questions
Problem 4PB
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![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:
1.
2.
3.
4.
5.
6.
Note
(1)
(2)
(3)
(4)
(5)
Date
Apr. 10
June 24
(6)
July 1
Oct. 31
Nov. 15
Dec. 27
June 9
July 24
Oct. 29
Dec. 30
Jan. 14
Face Amount
$87,000
16,800
36,000
36,000
72,000
144,000
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)
Due Date
Interest Due at Maturity
580 ✔
Jan. 26
84
713 X
288 X
720
Interest
Rate
478 X
4%
6
6
5
6
4
Term
60 days
30 days
120 days
60 days
60 days
30 days](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb5f0d7f7-c0cc-458e-903e-515033a82608%2Fe36c584f-2749-409b-bf51-c5f378e04485%2Ffwokit_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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:
1.
2.
3.
4.
5.
6.
Note
(1)
(2)
(3)
(4)
(5)
Date
Apr. 10
June 24
(6)
July 1
Oct. 31
Nov. 15
Dec. 27
June 9
July 24
Oct. 29
Dec. 30
Jan. 14
Face Amount
$87,000
16,800
36,000
36,000
72,000
144,000
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)
Due Date
Interest Due at Maturity
580 ✔
Jan. 26
84
713 X
288 X
720
Interest
Rate
478 X
4%
6
6
5
6
4
Term
60 days
30 days
120 days
60 days
60 days
30 days
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