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Following are transactions of Danica Company. December 1 3 Accepted a $ 2 4 , 0 0 0 , 4 5 - day, 6 %
Following are transactions of Danica Company.
December Accepted a $day, note in granting Miranda Lee a time extension on her pastdue account receivable.
December Prepared an adjusting entry to record the accrued interest on the Lee note.
January Received Lee's payment for principal and interest on the note dated December
March Accepted a $day note in granting a time extension on the pastdue account receivable of To Company.
March Accepted a $day, note in granting H Cheng a time extension on his pastdue account receivable.
April H Cheng dishonored his note.
May Wrote off the H Cheng account against the Allowance for Doubtful Accounts.
June Received the Tomas payment for principal and interest on the note dated March
Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries.
Note: Do not round intermediate calculations. Use days a year.
Complete this question by entering your answers in the tabs below.
M Lee Note
Tomas
Company Note
H Cheng Note
General
Journal
Complete the table to calculate the interest amounts.
tabletableTotal ThroughMaturitytableAmountAccrued atDecember tableInterestRecognizedJanuary PrincipalRate TimeTotal interest,,,
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