Solution-Journalize the entry to record the dishonor of note

Journalize the entry to record the dishonor of note

Assignment Help Cost Accounting

Reference no: EM13548909

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.

Reference no: EM13548909

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Journalize the entry to record the dishonor of note

Reference no: EM13548909

Reference no: EM13548909

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