Journalize the entry to record the dishonor of note

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Reference no: EM13548909

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

6

4

Oct. 31

36,000

60 days

9

5

Nov. 15

54,000

60 days

6

6

Dec. 27

40,500

30 days

4

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.

Reference no: EM13548909

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