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C3,P4 The following transactions are from Ohim Company. Note: Use 360 days a year. Year 1 pecember 16 Accepted a(n)$12,000, 60-day, 6% note in granting
C3,P4 The following transactions are from Ohim Company. Note: Use 360 days a year. Year 1 pecember 16 Accepted a(n)$12,000, 60-day, 6% note in granting Danny Todd a time extension on his past-due account receivable. pecember 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)$7,800,6%, 90-day note in granting a time extension on the past-due account receivable from Midnight company. March 17 Accepted a $3,700,30-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)$7,200, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,060, 60-day, 11\% 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. Requlred: 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 entrles for Year 1 transactions. 1-c. First, complete the table below to calculate the Interest amounts. 1-d. Use those calculated values to prepare your journal entrles for Year 2 transactions. 2. If Ohlm pledged Its recelvables as securlty for a loan from the bank, where on the financlal statements does t disclose this pledge of recelvables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amount at December 31 , Year 1
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