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Following are selected transactions of Danica Company for 2017. Dec. 13 Accepted a $20,000, 45-day, 9% note dated December 13 in granting Miranda Lee a
Following are selected transactions of Danica Company for 2017. Dec. 13 Accepted a $20,000, 45-day, 9% 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. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest Following are selected transactions of Danica Company for 2017 Dec. 13 Accepted a $20,000, 45-day, 9% 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. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries. View transaction list Journal entry worksheet 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, 2017
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