Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following
Question:
Instructions
1. Determine for each note
(a) The due date
(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.
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) inJanuary.
Transcribed Image Text:
Date Mar. 6 Apr. 23 July 20 Sept. 6 Nov. 29 Dec. 30 Face Amount Term 45 days 60 days Interest Rate 80,000 24,000 42,000 20 days 54,000 27,000 72,000 5% 9 6 2. 3. 4. 5. 6. 90 days 60 days 30 days 6
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1 a b Note Due Date Interest Due at Maturity 1 Apr 20 500 800...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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