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Complete the table below to calculate the interest amounts. The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December
Complete the table below to calculate the interest amounts.
The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Aceepted a(a) $14,300,60-day, 8 note in granting Danny Todd a tine extension on his past-due account receivable. Decenber 31 Kade an adjustiag entry to record the accrued interest on the Todd note. Year 2 Pebruary 14 Received rodd's payaent of principal and interent on the note dated Decenber 16. Karch 2 Accepted a(n)$7,200,56,90-day note in qranting a time extengion on the past-due account receivable frcin Midnight Corpany. March 17 kccepted a $2,100, 30-day, 21 note in granting Ava privet a time extension on her pant-due account receivable. Apri1 16 Privet dishonored her note. May 3 it Midalght Company dishosored its note. August 7 Aecepted a(n) $7,250,90-day, 98 note in granting a tise extension on the past-due aceount receivable of Mulan Coopany. September 3 Accepted a $3,110,60-day, 11 note in qranting Noab carson a tine extension on his pallt-due account receivable. Hoverber 2 Recelved payent of peineipal plus faterest froe caraos for the septenber 1 note. Nowenber 5 received parment of prineipal pliss Interest from Kulan for the August 7 note. Decenber 1 Wrote of f the Privet account aghinst the Allowance for Doubtful Nocounta. Pequired: 1-a. First, complete the table below to calculate the interest omount at December 31, Year 1. 1 b. Use the calculated value to prepare your journal entries for Year 1 transactions. 1c. First, complete the table below to calculate the interest amounts: 1-d. Use those calculated values to prepare your joumal entries for Year 2 transactions. 2. If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of recelvables? Complete this question by entering your answers in the tabs below, 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 calculated values to prepare your journal entries for Year 2 transactions. 2. If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Step by Step Solution
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