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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: 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 and February.

BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
Chapter 9, Problem 9.4BPR
Textbook Problem

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:

Chapter 9, Problem 9.4BPR, Details of notes receivable and related entries Gen-X Ads Co. produces advertising videos. During

Instructions

  1. 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number.
  2. 2. Journalize the entry to record the dishonor of Note (3) on its due date.
  3. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31.
  4. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.

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Chapter 9 Solutions

Accounting
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