Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I only need help with 1-D. The below chart, i need help filling it in, thank you! View transaction list View journal entry worksheet No
I only need help with 1-D. The below chart, i need help filling it in, thank you!
View transaction list View journal entry worksheet No Date General Journal Debit Credit February 14 Cash Interest revenue Notes receivable-D. Todd Interest receivable 2 March 02 Notes receivable-Midnight Company 7,100 Accounts receivable-Midnight Company 7,100 3 March 17 Notes receivable-A. Privet 3,400 Accounts receivable-A. Privet 3,400 4 April 16 Accounts receivable-A. Privet Notes receivable-A. Privet 3,400 Interest revenue 5 May 31 Accounts receivable-Midnight Company Notes receivable-Midnight Company Interest revenue August 07 Notes receivable-Mulan 7.600 Accounts receivable-Mulan 7,600 7 September 03 Notes receivable-N. Carson 3.870 Accounts receivable-N. Carson 3,870 8 November 02 Cash Interest revenue Notes receivable-N. Carson 9 November 05 Cash Interest revenue Notes receivable-Mulan 10 December 01 Allowance for doubtful accounts Accounts receivable-A. Privet Required 1C Required 2The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $13,409, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7, 100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company . March 17 Accepted a $3, 400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,600, 98-day, 9% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,870, 60-day, 9% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 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, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivablesStep 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