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Following are selected transactions of Danica Company for 2017 and 2018. 2017 13 Accepted $10,000, 45-day, 8% note dated December 13 in granting Miranda Lee
Following are selected transactions of Danica Company for 2017 and 2018. 2017 13 Accepted $10,000, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due Dec account receivable. 31 Prepared adjusting entry to record the accrued interest on the Lee note an 2018 27 Received Lee's payment for principal and interest on the note dated December 13 3 pted receivable of Tomas Company 17 Accepted a receivable. H. Cheng dishonored his note whe 1 Wrote off the H. Chenq account aqainst the Allowance for Doubtful Accounts. 1 Received the Tomas payment for principal and interest on the note dated March 3. Jan Mar $4,000, 10%, 90-day note dated March 3 in granting a time extension on the past-due account a $2,000, 30-day, 8% note dated March 17 in granting H. Cheng a time extension on his past-due account Apr presented for payment 1 May June 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.) Complete this question by entering your answers in the tabs below. Tomas Co General M Lee Note H Cheng Note Journal Note Use those calculated values to prepare your journal entries View transaction list Journal entry worksheet 6 1 2 3 4 5 Received Lee's payment for principal and interest on the note dated December no reversing entries were prepared 13. Assume Note: Enter debits before credits. Date General Journal Debit Credit Jan 27, 2018 Record entry Clear entry View general journal Journal entry worksheet 4 6 1 2 5 Accepted a $4,000, 10%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. General Journal Debit Credit Date Mar 03, 2018 Record entry Clear entry View general journal Journal entry worksheet > 4 6 1 2 5 Accepted a $2,000, 30-day, 8% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits. General Journal Credit Date Debit Mar 17, 2018 Record entry Clear entry View general journal Journal entry worksheet
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