subject
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.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 21:20
Trinity coatings company uses the indirect method to prepare its statement of cash flows. refer to the following information for 2018: the beginning balance in the cash account was $ 3 comma 000. net cash provided by operating activities: $ 42 comma 000 net cash used for investing activities: $(26 comma 500) net cash provided by financing activities: $ 1 comma 700 the statement of cash flows will show
Answers: 2
question
Business, 22.06.2019 20:30
Casey communications recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. this action had no effect on the company's total assets or operating income. which of the following effects would occur as a result of this action? a. the company's current ratio increased.b. the company's times interest earned ratio decreased.c. the company's basic earning power ratio increased.d. the company's equity multiplier increased.e. the company's debt ratio increased.
Answers: 3
question
Business, 23.06.2019 00:40
Assume the total cost of a college education will be $250,000 when your child enters college in 17 years. you presently have $69,000 to invest. what annual rate of interest must you earn on your investment to cover the cost of your child’s college education? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answers: 2
question
Business, 23.06.2019 03:00
To assess the risk and return involved in a purchase decision, which practical questions should a potential buyer ask? select three options. what can go wrong? what are the alternatives? how will it affect my status in society? what is the likely return? is the risk worth the return?
Answers: 2
You know the right answer?
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received...
Questions
question
Mathematics, 29.10.2019 18:31
Questions on the website: 13722360