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Details of notes receivable and related entries
Old Town Co. wholesales bathroom fixtures. During the current fiscal year, Old Town Co. received the following notes:
Date
Face Amount
Term
Interest Rate
1
Apr. 10
$45,000
60 days
4%
2
24 Jun
18,000
30 days
6
3
1 Jul
36,000
120 days
4
Oct. 31
9
5
Nov. 15
54,000
Dec. 27
40,500
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.
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