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Following are transactions for Sargento. November 1 Accepted a $15,000, 180-day, 7% note from Taylor Swift in granting a time extension on her past-due account
Following are transactions for Sargento. November 1 Accepted a $15,000, 180-day, 7% note from Taylor Swift in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the Swift note. April 30 Swift honored her note when presented for payment. Compute the interest amounts at 12/31 and 4/30 and use those numbers 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. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th. Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest November 1 Accepted a $15,000, 180-day, 7% note from Taylor Swift in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the Swift note. April 30 Swift honored her note when presented for payment. Compute the interest amounts at 12/31 and 4/30 and use those numbers 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. Interest Amounts General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet
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