Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes:

Instructions
1. Determine for each note (a) the due date and (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) in January andFebruary.

Transcribed Image Text:

Interest Rate Date Jan. 14 Mar. 9 July 12 Aug. 23 Nov. 15 Dec. 10 Face Amount $33,000 60,000 48,000 16,000 36,000 24,000 Term 30 days 45 days 90 days 75 days 60 days 60 days 4% 2. 3. 5. 6. 8 6