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 30 days 45 days 90 days 75 days 60 days 60 days 1. Jan. 14 $33,000 4% 2. Mar. 9 60,000 July 12 3. 48,000 16,000 4. Aug. 23 36,000 5. Nov. 15 Dec. 10 6. 24,000 Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at ma- turity, 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 and February.

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 30 days 45 days 90 days 75 days 60 days 60 days 1. Jan. 14 $33,000 4% 2. Mar. 9 60,000 July 12 3. 48,000 16,000 4. Aug. 23 36,000 5. Nov. 15 Dec. 10 6. 24,000 Instructions 1. Determine for each note (a) the due date and (b) the amount of interest due at ma- turity, 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 and February.

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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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 4 % 30 days 2. Mar. 9 60,000 7 45 days 3. July 12 48,000 5 90 days 4. Aug. 23 16,000 6 75 days 5. Nov. 15 36,000 8 60 days 6. Dec. 10 24,000 6 60 days
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. Apr. 10 $78,000 4 % 60 days 2. June 24 18,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 9 60 days 5. Nov. 15 90,000 6 60 days 6. Dec. 27 144,000 4 30 days - Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January
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 InterestRate Term 1. Apr. 10 $93,000 4% 60 days 2. June 24 16,800 6 30 days 3. July 1 63,000 6 120 days 4. Oct. 31 63,000 9 60 days 5. Nov. 15 72,000 6 60 days 6. Dec. 27 144,000 4 30 days Required: Question Content Area 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 (b)Interest Due at Maturity (1) $fill in the blank ff487bf42fbb015_2 (2) fill in the blank ff487bf42fbb015_4 (3) fill in the blank ff487bf42fbb015_6 (4) fill in the blank ff487bf42fbb015_8 (5) fill in the blank ff487bf42fbb015_10 (6) fill in the blank ff487bf42fbb015_12 Question Content Area 2.…
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 InterestRate Term 1. Apr. 10 $78,000 4% 60 days 2. June 24 18,000 6 30 days 3. July 1 72,000 6 120 days 4. Oct. 31 72,000 9 60 days 5. Nov. 15 90,000 6 60 days 6. Dec. 27 162,000 4 30 days Required: Question Content Area 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 (b)Interest Due at Maturity (1) $fill in the blank c2151405101e01b_2 (2) fill in the blank c2151405101e01b_4 (3) fill in the blank c2151405101e01b_6 (4) fill in the blank c2151405101e01b_8 (5) fill in the blank c2151405101e01b_10 (6) fill in the blank c2151405101e01b_12 Feedback Area Feedback…
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. Apr. 10 $75,000 4% 60 days 2. June 24 13,200 6 30 days 3. July 1 36,000 6 120 days 4. Oct. 31 36,000 9 60 days 5. Nov. 15 72,000 6 60 days 6. Dec. 27 126,000 4 30 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 (b)Interest Due at Maturity (1) (2) (3) (4) (5) (6) 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 or enter "0". Cash Cash Notes Receivable Notes Receivable Interest Receivable Interest Receivable Feedback Count the number of…
Carrot Company sells one and two-year mail order subscriptions for video of the month business. Subscriptions are collected in advance and credited to a revenue account. An analysis of the recorded sales activity revealed the following: 2021 2022 Sales 780,000 950,000 Cancellations 10,000 40,000 Subscription expiration: 2021 130,000 2022 350,000 190,000 2023 290,000 400,000 2024 320,000 How much is the unearned subscription revenue as of December 31, 2022?
18. The following information pertains to Q Company:Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000Notes receivable, P30,000 due in 12 months, P210,000Advances to officers, due in 2 years, P20,000Advances to suppliers, P10,000Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000Security deposit paid on a one-year lease contract, P6,000Dividends receivable, P30,000Determine the total current receivables.
Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000
IT IS URGENTTTT Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows: Trial Balance Account Title Debit Credit Cash 372850 Accounts Receivable 48500 Supplies 26000 Prepaid Insurance 10800 Inventory 16425 Equipment 46000 Accumulated Depreciation-Equipment 20000 Accounts Payable 96000 Salary Payable 0 Unearned Sales Revenue 25000 Capital 341800 Withdrawals 0 Sales Revenue 96000 Sales Returns& Allowances 7500 Sales Discounts 1650 Cost of Goods Sold 49075 Insurance Expense Depreciation Expense-Equipment Supplies Expense Salary Expense Total 578800 578800 On January 31, 2018 FRS Company completed following adjusting entries: Expiration of prepaid insurance for one month is 1800$ Depreciation of equipment for the month, $8,500…
n December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any year-end adjustments. Radio and television advertising spots broadcast during December 2021 were billed to Happy on January 5, 2022. The invoice cost of P400,000 was paid on January 20, 2022. Included in the P3,000,000 is P600,000 for newspaper advertising for January 2022 sales promotional campaign. How much is prepaid newspaper advertising as of December 31, 2021?a. 400,000b. 600,000c. 200,000d. 300,000
You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What is the outstanding balance on the January 25th invoice after the January 27th payment?
The Eglington Newspaper sold 4,000 of annual subscriptions at $125 each on September 1. How much unearned revenue will exist as of December 31? Select one: $333,333. $166,667. $500,000. $0.

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	Date	Face Amount	Interest Rate	Term
1.	Jan. 14	$33,000		4	%	30	days
2.	Mar. 9	60,000		7		45	days
3.	July 12	48,000		5		90	days
4.	Aug. 23	16,000		6		75	days
5.	Nov. 15	36,000		8		60	days
6.	Dec. 10	24,000		6		60	days