Question
0 Following are selected transactions for Vitalo Company. O Seved 3707 Nov. 1 Accepted a $15,000, 180-day, 8% note dated November 1 from Kelly White
0 Following are selected transactions for Vitalo Company. O Seved 3707 Nov. 1 Accepted a $15,000, 180-day, 8% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable. Det. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 white honored her note when presented for payment; February has 28 days for the current year. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries (assume that no reversing entries are recorded). (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th, November 1 January 1 Total Through Maturity Through December 31 Through April 30 Principal S 15,000 $ 15,000 $ 15.000 Rate (%) 8% 8% 8% Time 180/360 60/360 120/360 Total interest General Journal > Following are selected transactions for Vitalo Company. Tired 20 013659 NOV 1 Accepted a $15,000, 180-day, at note dated November 1 from Kelly white in granting time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 10 white honored her note when presented for payment; February has 28 days for the current year. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries (assume that no reversing entries are recorded). (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts Geal Journal Use those calculated values to prepare your journal entries (assume that no reversing entries are recorded). View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started