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Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30" and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Answer is not complete. 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. November January 1 Through Total Through Maturity Through December 31 $ $ Principal Rate (%) Time Total interest 16,000 $ 6% 180/360 281 $ 16,000 6% 60/360 60 April 30 16,000 6% 120/360 30 $ $ Interest Amounts General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet 1 2 3 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date Nov 01 Record entry Clear entry View general journal Interest Amounts General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet
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