Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fill in the blank. I do not own copy rights. The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec.
Fill in the blank. I do not own copy rights. The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $11,600,60-day, 104 note in granting Danny Todd a tine extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated Decenter 16. Mar. 2 Accepted a(n)$7,900,106,90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n)52,800,30-doy, 7 i note in granting Ava Privet a tine extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n)$7,600,90-day, 10v note in granting a tine extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $2,960,60-day, 114 note in granting Noah Carson a time extension on his past-due account recetvabte. Nov. 2 Received payment of principal plus interest from Carson for the Septenber 3 note. Nov. 5 Received payment of principal plus interest from Mulan for the August 7 note. Dec. 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. 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 recelvables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amount at December 31, Year 1. First, complete the table below to calculate the interest amount at December 31 , Year 1. Complete this question by entering your answers in the tabs below. Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculat Journal entry worksheet Accepted a $11,600,60-day, 10% note in granting Danny Todd a time extension on his past-due account recelvable. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculatio Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. 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. 1c. 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 recelvables as security for a loan from the bank, where on the financial statements does it disclose this pled 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.)
Fill in the blank. I do not own copy rights.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started