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Any help would be apprecaited. Thanks in advance. The following selected transactions are from Ohlmeyer Company. 2012 Dec. 16 Accepted a $10,800, 60-day, 8% note
Any help would be apprecaited.
Thanks in advance.
The following selected transactions are from Ohlmeyer Company. 2012 Dec. 16 Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Todd note. Received Todds payment of principal and interest on the note dated December 16. Accepted a $2,400, 30-day 7% note dated this day in granting Ava Privet a time extension her past-due account receivable. Midnight Co. refuses to pay the note that was due to Ohlmeyer Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.s accounts receivable. Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%Step by Step Solution
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