Chrome File Edit View History Bookmarks People Window Help -)) 1%D Sat 8:59 PM a

Question

Chrome File Edit View History Bookmarks People Window Help -)) 1%D Sat 8:59 PM a CengageNOWv2 Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilrn/takeAssignment takeAssignmentMain.doPinvokers&takeAssignmentSessionLocator;=assignment-takeBinprogress-false Chapter 8 Assignment eBook Show Me How Details of Notes Receivable and Related Entries 1. BE.08-03.ALGO 2. EX.08-03.ALGO 3. EX.08-04.ALGO 4. EX.08-13.BLANKSHEET.AL.. 5. EX.08-19 6. EX.08-20.ALGO 7. PR.08-01 8. PR.08-04.ALGO Gen-X Ads Co. produces advertising videos. During the current year ending December 31, Gen-X Ads received the following notes: Date Face Amount Term 60 days 30 days 120 days 60 days 60 days 30 days Interest Rate 4 % 1. Apr. 10 2. June 24 3. July 1 4 Oct. 31 5 Nov, 15 6. Dec. 27 Required: $69,000 16,800 63,000 63,000 90,000 162,000

Explanation / Answer

Due Date interest due 1) at maturity 1) 9-Jun 460 2) 24-Jul 84 3) 29-Oct 1260 4) 30-Dec 525 5) 14-Jan 900 6) 26-Jan 540 2) Accounts receivable 64,260 interest earned 1,260 note receivable 63,000 3) interest receivable 1440 interest income 1,440 4) note 5 Cash 90,900 interest receivable 690 interest income 210 note receivable 90,000 note 6 Cash 162,540 interest receivable 72 interest income 468 note receivable 162,000

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