Business, 13.04.2021 01:00 naynay4evr

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%
Required:
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year.
2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles.
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 exact wording 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 Accounts for exact wording of account titles.
1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year.
Note Due Date 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. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
2
3
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 exact wording of account titles. Assume a 360-day year.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
2
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 Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1
2
3
4
5
6
7
8

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Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Clo...

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