Question
Following are transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8 note in granting Miranda Lee a time extension on her past-due account
Following are transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8 note 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. Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar, 3 Accepted a $5,000, 10%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $2,000, 30-day, 9s note in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.) Complete the table to calculate the interest amounts and use those calculated values 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. M Lee Note Tomas Co Note H Cheng Note General Journal First, complete the table below to calculate the interest amounts Total Through Maturity Principal Rate (%) Time Total interest Prev Next Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note General H Cheng Note Journal Complete the table to calculate the interest amounts. Total Through Maturity Amount Accrued at Interest Recognized December 31 January 27 Principal Rate (%) Time Total interest Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note General H Cheng Note Journal First, complete the table below to calculate the interest amounts. Total Through Principal Rate (%) Time Total interest Maturity Tomas Co Note General Journal > Journal entry worksheet > 1 2 3 4 5 6 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Note: Enter debits before credits. Date Jan 27 General Journal Debit Credit Record entry Clear entry View general journal Prev 4 of 5 Next Journal entry worksheet W Journal entry worksheet 1 2 4 5 Accepted a $2,000, 30-day, 9% note in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits. Date Mar 17 General Journal Debit Credit Record entry Clear entry View general journal Prev 4 of 5 Next > Required information Journal entry worksheet 2 3 H. Cheng dishonored his note. 5 6 Note: Enter debits before credits. Date Apr 16 General Journal Debit Credit Record entry Clear entry View general journal Prev 4 of 5 Next Journal entry worksheet 3 4 6 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Date May 01 General Journal Debit Credit Record entry Clear entry View general journal Prey 4 of 5 Next> Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started