Dec.		13		Accepted a $28,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable.
		31		Prepared an adjusting entry to record the accrued interest on the Lee note.

Complete the table to calculate the interest amounts at December 31^st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)

• THEN

  Use the calculated value to prepare your journal entries.

• 1

  Record acceptance of a $28,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable.

• 2

  Prepare an adjusting entry to record the accrued interest on the Lee note.

Complete the table to calculate the interest amounts at December 31st Interest Total Through Recognized Maturity December 31 Principal Rate (%) Time Total interest Journal entry worksheet 1 2 > N Record acceptance of a $28,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date Dec 13