Question
Following are selected transactions for Vitalo Company. Nov. 1 Accepted a $10,000, 180 day, 5% note dated November 1, from Kelly White in granting a
Following are selected transactions for Vitalo Company. Nov. 1 Accepted a $10,000, 180 day, 5% note dated November 1, from Kelly White in granting a Time extension on her past due account receivable.Dec. 31, Adjusted the year-end accounts for the accrued interest earnef on the White note. Apr 30, White honored her note when presented for payment; February has 28 days for the current year. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries ( assume that no reversing entries are recorded). Do not round intermediate calculations. Use 360 days a year.
Exercise 9-13 Honoring a note LO P4 Folowing are selected tansactons tor Vitaio Company 12.5 Nov. 1 Accepted a $10,000, 188-day, 5% note dated November i fron Kelly white in granting a time Apr. 30 white honored her note when presented for payment; February has 28 days for the current year. journal entries (assume that no reversing entries are recorded) (Do not round intermediate calculetions. Use 360 days a year.) extension on her past-due account receivable. Dec. 31 Adjusted the year end accounts for the accrued interest earned on the white note. eBook h Complete the table to calculate the interest amounts at December 3tst and April 30th and use those calculated values to prepare y Hint Complete this question by entering your answers in the tabs below. Print Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31" and April 30h November 1 January Total Through Through Through Maturity December 31 April 30 Principai Rate (%) Time Total interest General JournalStep by Step Solution
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