9-5A (Algo) Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $10,600, 60-day, 8 note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7,500, 8, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,200, 30-day, 7 note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note.. August 7 Accepted a(n) $8,600, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company, September 3 Accepted a $3,900, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculateri values to nrenare vnur inurnal entries for Year 7 transactions es Required 1A. Required 1B Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Interest Recognized Maturity December 31 Principal Rate (%) 10,600 $ 10,600 8% 8% Time 30/360 15/360 Total interest Required 1A Required 1B > 1 2 Accepted a $10,600, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Date December 16 General Journal Debit Credit Record entry Clear entry View general journal > First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity Principal Rate (%) Time Total interest Midnight Company Note - March 2, Year 2 A. Privet Note March 17, Year 2 Mulan Note - August 7, Year 2 N. Carson Note- September 3, 2017 View transaction list Journal entry worksheet 1 2 3 5 6 7 8 9 10 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date February 14 Cash General Journal Debit Credit Notes receivable-D. Todd Interest revenue 10,600 106 Interest receivable Record entry Clear entry View general journal < Prev 4 of 4 Next