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I need help with the general journal & the calculation of interest The following selected transactions are from Sanchez Company. Year 1 Dec. 16 Accepted
I need help with the general journal & the calculation of interest The following selected transactions are from Sanchez Company. Year 1 Dec. 16 Accepted a $16,800, 60- day, 12% note in granting Carolyn Collins a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Collins note. 31 Year 2 Feb. 14 Received Collins's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $8,000, 6%, 90- day note in granting a time extension on the past-due account receivable from Perry Co. 17 Accepted a $12,600, 30- day, 8% note in granting Jim Ohlm a time extension on her past-due account receivable. Apr. 16 Ohlm dishonored her note. May 31 Perry Co. dishonored its note. Apr. 16 Ohlm dishonored her note. May 31 Perry Co. dishonored its note. Aug. 7 Accepted a $12,000, 90- day, 8% note in granting a time extension on the past-due account receivable of Gonzalez Co. Sep. 3 Accepted a $6,600, 60-day, 10% note in granting Greg Taylor a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Taylor for the September 3 note. Nov. 5 Received payment of principal plus interest from Gonzalez for the August 7 note. Dec. 1 Wrote off the Ohlm account against the Allowance for Doubtful Accounts. Sanchez Co. Calculation of interest February 14 - Collins note: Principal Interest rate Number of days' interest to be recorded Number of days' interest to be recorded Principal Interest rate Number of days' interest to be recorded Number of days' interest to be recorded
I need help with the general journal & the calculation of interest
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