Lush 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 $78,000 4% 45 days
2. Apr. 23 24,500 9% 60 days
3. July 20 45,900 5% 120 days
4. Sept. 6 58,700 6% 90 days
5. Nov. 29 27,400 7% 60 days
6. Dec. 30 67,500 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.(Note: Round each interest computation to the whole dollar.)
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. Assume a 360-day year when calculating interest. Round your answer to the nearest whole dollar.
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 when calculating interest. Round your answer to the nearest whole dollar.
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 exact wording of account titles. Assume a 360-day year when calculating interest. Round your answer to the nearest whole dollar.
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Lush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received...
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