Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 5.00

Old Town Co.

PR 9-4A Details of notes receivable and related entries

Old Town Co. wholesales bathroom fixtures. During the current fiscal year, Old Town Co. received the following notes:

 

Date

Face Amount

Term

Interest Rate

1

Apr. 10

$45,000

60 days

4%

2

24 Jun

18,000

30 days

6

3

1 Jul

36,000

120 days

6

4

Oct. 31

36,000

60 days

9

5

Nov. 15

54,000

60 days

6

6

Dec. 27

40,500

30 days

4

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.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 11:09 PM My Price 5.00

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