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Danica Company Following are transactions of Danica Company, Dec. 31: Accepted a $22,000, 45-day, 8% note in granting Miranda Lee a time extension on her
Danica Company Following are transactions of Danica Company, Dec. 31: Accepted a $22,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. Dec. 31: Adjusted the year-end accounts for the accrued interest earned on the note. Next year: Miranda Lee honored the note on its due date. Use this information to answer the following questions. Assume 360 days in a calendar year. Round all answers to the nearest dollar. 1. Provide the journal entry Danica records on December 1. If no entry is required type No Entry. 2. Provide the journal entry Danica records on December 31. If no entry is required type No Entry. 3. Provide the date and the journal entry Danica records on the date the note is honored. If no entry is required type No Entry
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