ow.com/r/takeAssignment/takeAssignment Main.doinvoker assignments&takeAssignmentSessionLocatoreassignment-takeinprogressa false eBook E Show Me How Calculator Print Item 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: Date Face Amount Interest Rate Term 1. Jan. 14 $33,000 30 days 2. Mar. 9 3. July 12 4. Aug. 23 5. Nov. 15 6. Dec. 10 60,000 48,000 16,000 36,000 24,000 45 days 90 days 75 days 60 days 60 days 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 Note (a) Due Date (1) Feb. 13 (b) Interest Due at Maturity (2) Apr. 23 a 9 Count the number of days in each month the total number of days is eached for the term of the head this be the due datenterest is not charged on the Typically, the make a dishonored notes to pay the the date Acompany that holds a dishonored note transfers the face amount of the nobe plus an at this point Check My Work DOLL 2. Journalize the entry to record the dishonor of Note (3) on its due date. If an amount box does not require an entry, leave it blank. Oct. 10 V Accounts Receivable 48,600 Notes Receivable 48,000 Interest Revenue 600 Cho My Work Count the number of days in each month until the total number of days is reached for the term of the note and this will be the due date. Interest is not charged Typically, the maker of a dishonored note fails to pay the note on the due date. A company that holds a dishonored note transfers the face amount of the note pl at this point Cash received will include the maturity value of the note 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Dec 31 Interest Receivable Interest Revenue Fe Check My Work 3. (Note 5) Calculate the number of days of interest that accrues between November 15 and December 31. Remember interest is not charged on the first day of t (a) Interest Rate x Face Amount = Annual Interest (b) Annual Interest (number of days to end of year 360 days) interest on note to the end of the year Interest receivable is debited and interest revenue is credited. . (Note 6) Calculate the number of days of interest that accrues between December 10 and December 31. Remember interest is not charged on the first day of the (a) Interest Rate x Face Amount = Annual Interest (1) Annual interest (number of days to end of year + 360 days) = interest on note to the end of the year Interest receivable is debited and interest revenue is credited. 4. Journalize the entries to record the receipt of the amounts due on Notes (S) and (6) in January and February. If an amount box does not require Jan. 14 . Cash Check My Work O TEVOS credited (Note 6) Calculate the number of days of interest that accrues between December 10 and December 31. Remember interest is not charged on the first day of the note Use this to calcul (a) Interest Rate x Face Amount = Annual Interest () Annual Interest (number of days to end of year 360 days) interest on note to the end of the year Interest receivable is debited and interest revenue is credited. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. If an amount box does not require an entry, leave it blanl Jan. 14 Cash Notes Receivable C Interest Receivable able y C Interest Revenue Feb. 8 Cash & Notes Receivable y O Interest Receivable Interest Reven Count the number of days in each month until the total number of days is reached for the term of the note and this will be the due date Interest is not charged on the first day of the note Typically, the maker of a dishonored note fails to pay the note on the due date. A company that holds a dishonored note transfers the face amount of the note plus any interest due back to an acce at this point Cash received will include the maturity value of the note 7 Chuck By Work Partially correct