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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 14
Details of notes receivable and related entries
Gen-X Ads Co. produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes:
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 and February.
Gen-X Ads Co. produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes:
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 and February.
Explanation
Verified
Verified
Note Receivable
A Promissory Note which...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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