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 adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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