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Following are selected transactions of Danica Company for 2016 Dec. 13 Accepted a $14,000, 45-day, 9% note dated December 13 in granting Miranda Lee a
Following are selected transactions of Danica Company for 2016 Dec. 13 Accepted a $14,000, 45-day, 9% note dated December 13 in granting Miranda Lee a time extension on her pa receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31St and use the calculated value to prepare you (Do not round your intermediate calculations. Use 360 days a year.) Interest Recognized December 31 Total Through Principal Rate (%) Time Total interest Record acceptance of a $14,000, 45-day, 990 note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable Note: Enter debits before credits Date General Journal Debit Credit Dec 13, 2016 Prepare an adjusting entry to record the accrued interest on the Lee note Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2016
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