Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need the charts pictured thank you (: The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16

image text in transcribed

image text in transcribed

image text in transcribed

I just need the charts pictured

thank you (:

The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $13,900, 60-day, 6% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Mar. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. 2 Accepted a(n) $6,600, 6%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $2,900, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note when presented for payment. May 31 Midnight Co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable. July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity 6%. Aug. 7 Accepted a(n) $8,200, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $2,280, 60-day, 12% note dated this day in granting Noah Carson a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. Nov. 5 Received payment of principal plus interest from Mulan for the August 7 note. Dec. 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, 2016. 1-b. Use the calculated value to prepare your journal for 2016 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for 2017 transactions. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D First, complete the table below to calculate the interest amount at December 31, 2016. Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest Required 1A Required 1B Required 1A Required 1B Required 1C Required 1D First, complete the table below to calculate the interest amounts. Total Through Maturity Midnight Co. A. Privet Note Mulan Note - Midnight Co. Note - March - March 17, Note - May 31, August 7, 2017 2, 2017 2017 2017 N. Carson Note - September 3, 2017 Principal Rate(%) Time Total interest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Auditing And Sarbanes Oxley Compliance Key Strategies For Business Improvement

Authors: Dimitris N. Chorafas

1st Edition

036738650X, 978-0367386504

More Books

Students also viewed these Accounting questions

Question

Frank Weston, supervisor of the Freemont Corporation

Answered: 1 week ago