12 Exercise 9-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017 20 points 2016 Dec. 13 Accepted a $30,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account Skipped receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 an. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $24,000, 6%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas eBook Company 17 Accepted a $22,000, 30-day, 8% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable Hint Apr. 16 H. Cheng dishonored his note when presented for payment. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts June 1 Received the Tomas payment for principal and interest on the note dated March3 Print Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) References Complete this question by entering your answers in the tabs below General Journal M Lee Note Tomas Co Note H Cheng Note Complete the table to calculate the interest amounts Amount Total Through Accrued at Recognized Maturity December 31 January 27 Principal Rate (%) Time Total interest General Journal M Lee Note Tomas Co Note: H Cheng Note First, complete the table below to calculate the interest amounts Total Through Maturity Principal Rate (%) Time Total interest H Cheng Note M Lee Note General Journal M Lee Note Tomas Co Note: H Cheng Note First, complete the table below to calculate the interest amounts Total Through Maturity Principal Rate (%) Time Total interest Tomas Co Note General Journal> General Journal M Lee Note Tomas Co Note H Cheng Note Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet 4 6 Received Lee's payment 13. Assume no reversing entries were prepared note dated Dece Note: Enter debits before credits. Date General Journal Debit Credit Jan 27, 2017 Record entry Clear entry View general journal Journal entry worksheet 4 6 Accepted a $24,000, 6%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. Debit Date Credit General Journal Mar 03, 2017 Clear entry Record entry View general journal Journal entry worksheet 4 Accepted a $22,000, 30-day, 8% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable Note: Enter debits before credits. Date General Journal Debit Credit Mar 17, 2017 Record entry Clear entry View general journal Journal entry worksheet 4 2 6 H. Cheng dishonored his note when presented for payment Note: Enter debits before credits. Date General Journal Debit Credit Apr 16, 2017 Record entry Clear entry View general journal Journal entry worksheet 4 6 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Date General Journal Debit Credit May 01, 2017 Record entry Clear entry View general journal Journal entry worksheet 4 6 ctv the Toas pa March 3 Note: Enter debits before credits. Date General Journal Debit Credit Jun 01, 2017 Clear entry Record entry View general journal
