3&4 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exactwording of account titles. Assume a 360-day year.4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. Refer to the Chart of Accountsfor exact wording of account titles. InstructionsWater Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:DateFace AmountTermInterest Rate1.Mar. 6$75,00060 days4%Apr. 740,00045 days6%Aug. 1236,000120 days5%Oct. 2227,00030 days8%Nov. 1948,00090 days3%Dec. 1572,00045 days5%2.3.4.5.6.

Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4% 2. Apr. 7 40,000 45 days 6% 3. Aug. 12 36,000 120 days 5% 4. Oct. 22 27,000 30 days 8% 5. Nov. 19 48,000 90 days 3% 6. Dec. 15 72,000 45 days 5%

Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4% 2. Apr. 7 40,000 45 days 6% 3. Aug. 12 36,000 120 days 5% 4. Oct. 22 27,000 30 days 8% 5. Nov. 19 48,000 90 days 3% 6. Dec. 15 72,000 45 days 5%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...

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