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Exercise 7-20 (Algo) Honoring a note LO P4 Following are transactions for Vitalo Company. November 1 Accepted a $10,000,180-day, 58 note from Kelly White in

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Exercise 7-20 (Algo) Honoring a note LO P4 Following are transactions for Vitalo Company. November 1 Accepted a $10,000,180-day, 58 note from Kelly White in granting a time extension on her past-due account receivable. Decenber 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. Notice these interest calculations are utilizing a 360 -day year and calculating interest based on the number of days in the interest time period rather than using months. The result will be essentially the same either way. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Complete the table to calculate the interest amounts at December 31st and April 30th, caiculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Use those calculated values to prepare your journal entries

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