Norwood Ltd received the following bills during the last 3 months of the financial year ended 30 June.

Date of bill	Amount of debt	Term of bill	Interest rate	Date of discount	Discount rate
1. April 1 2. May 2 3. May 15 4. June 1 5. June 8 6. June 16	$10 000 16 000 13 000 8 500 11 000 14 000	60 days 90 days 60 days 60 days 60 days 60 days	8% 9% 10% 9% 8% 10%	May 1 June 11 June 24	10% 11% 10%

Required

A. Determine the due date and the maturity value for each bill; for bills 1, 2 and 5, determine also the discount period, the amount of discount, and the net proceeds.

B. Prepare journal entries to record the discounting of bills 1, 2 and 5 at the bank.

C. Prepare a journal entry to accrue interest on bills 3, 4 and 6 on 30 June.

D. Prepare journal entries to record the collection of bills 3, 4 and 6 in the next financial year.