Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the...
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Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Interest Date Face Amount Rate Term 1. Apr. 10 $60,000 4% 60 days 2. June 24 14,400 6 30 days 3. July 1 54,000 6 120 days 4. Oct. 31 54,000 5. Nov. 15 6. Dec. 27 90,000 144,000 554 60 days 6 60 days 30 days Required: Assume 360 days in a year. 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by numbe (a) (b) Note Due Date Interest Due at Maturity (1) June 9 400 (2) July 24 72 V (3) Oct. 29 1,080 (4) Dec. 30 450 (5) Jan. 14 900 (6) Jan. 26 480
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