Business, 15.04.2021 22:30 mattstudy305
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Date Face Amount Interest Rate Term 1. Mar. 6 $82,000 6% 45 days 2. Apr. 23 28,900 10 60 days 3. July 20 41,400 7 120 days 4. Sept. 6 49,700 7 90 days 5. Nov. 29 26,300 5 60 days 6. Dec. 30 72,000 6 30 days 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 when calculating interest. Round each interest computation to the whole dollar. 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\.\* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a 360-day year when calculating interest. Round your answers to the nearest whole dollar.
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Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received...
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