Instructions Chart of Accounts
Starting Question
Joumal
Instructions
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
$80,000
5%
45 days
2.
Apr. 23
24,000
9
60 days
3.
July 20
42,000
6
120 days
4
Sept. 6
54,000
7
90 days
5.
Nov. 29
27,000
6.
60 days
6
Dec. 30
72,000
5
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

Note Due Date Interest due at Maturity

1Mar 6$500

2Apr 23$360

3July 20$840

4Sept 6$945

5Nov 29$270

6Dec 30$300

Step-by-step explanation:

Calculation to Determine the due date and the amount of interest due at maturity for Flush Mate Co.

Using this formula to Calculate for the amount of interest due at maturity.

Interest due at Maturity= [Face amount * Numbers of days to maturity / 360 * Interest rate]

Note, Due Date,  Face Amount, No of days to maturity,  Interest rate, Interest due at Maturity

1Mar 680,000×45/360×5%=$500

2Apr 2324,000 ×60/360×9%=$360

3July 2042,000×120/360×6%=$840

4Sept 654,000×90/360×7%=$945

5Nov 2927,000×60/360×6%=$270

6Dec 3072,000×30/360×5%=$300

Therefore  the due date  and the amount of interest due at maturity for Flush Mate Co are:

Note Due Date Interest due at Maturity

1Mar 6$500

2Apr 23$360

3July 20$840

4Sept 6$945

5Nov 29$270

6Dec 30$300

43

step-by-step explanation:

ab will be equal to