Question
Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $22,000, 45-day, 10% note dated December 13 in granting
Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $22,000, 45-day, 10% 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 accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $16,000, 6%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $14,000, 30-day, 8% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 H. Cheng dishonored his note when presented for payment. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 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.)
I am missing the following entries
No Date General Journal Debit Credit Jan 27, 2017 Cash Notes receivable-M. Lee Interest receivable Interest revenue 22,000 Mar 03, 2017Notes receivable-Tomas Co 16,000 Accounts receivable-Tomas Co 16,000 Mar 17, 2017 Notes receivable-H. Cheng 14,000 Accounts receivable -H. Cheng 14,000 4 Apr 16, 2017 Accounts receivable-H. Cheng 14,000 Notes receivable-H. Cheng Interest revenue May 01, 2017 Allowance for doubtful accounts Accounts receivable -H. Cheng Jun 01, 2017 Cash Notes receivable-Tomas Co Interest revenueStep 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