Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017 points 2016 Dec. 13 Nocepted a $16,000, 45-day, 8: note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the acerued interest on the Lee note. look 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. Accepted a 510,000, 81, 90-day note dated March 3 is granting time extension on the past-due account receivable of Company 17 Accepted a $8,000, 30-day, 101 note dated March 17 in granting it. Cheng a time extension on his past-due account receivable Apr. 16 . Cheng dishonored his note when presented for payment. May I wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Sunel Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) oped Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal Complete the table to calculate the interest amounts. ences Total Through Maturity Amount Acrued at December 31 Interest Recognized January 27 Principal Rate(%) Time Total Interest Tomas Co Note > Complete this question by entering your answers in the tabs below. General M Lee Note Tomas Co Note Cheds Note First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate (%) Time Total interest Journal entry worksheet 2 3 4 5 6 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Note: Enter debits before credits. General Journal Debit Date Jan 27, 2017 [ + 1 TL 1 Record entry Clear entry View general journal Journal entry worksheet Accepted a $10,000, 8%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. Date General Journal Credit Mar 03, 2017 NNNN BIL / / Record entry Clear entry View general journal Journal entry worksheet 1 2 Accepted a $8,000, 30-day, 10% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits Date General Journal Debit Credit Mar 17, 2017 1 X / Record entry Clear entry View general journal Journal entry worksheet
