Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journal entry worksheet 56789 Accepted a(n) $2,300,30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before
Journal entry worksheet 56789 Accepted a(n) $2,300,30-day, 7\% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Journal entry worksheet 4 5 6 7 8 9 1 Accepted a(n)$7,200,7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. Note: Enter debits before credits. Ise those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Wrote off the Privet account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Ise those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 1 2 3 4 5 6 7 Received payment of principal plus interest from Carson for the September 3 note. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 1 2 3 4 8 8 10 Accepted a(n)$8,950,90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 1 2 3 5 6 7 8 9 10 Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Received payment of principal plus interest from Mulan for the August 7 note. Note: Enter debits before credits. The following transactions are from Ohim Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n)$12,900,60-day, 7% note in granting Danny Todd a tine 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)$7,280,7%, 90-day note in granting a tine extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,300,30-day, 7x note in granting Ava Privet a tine extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Conpany dishonored its note. August 7 Accepted a(n) $8,950, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2,660,60-day, 115 note in granting Noah Carson a time extension on his past-due account receivable. Novenber 2 Received paynent of principal plus interest from Carson for the Septenber 3 note. November 5 Received paynent of prncipal plus interest from Mulan for the August 7 note. Decenber 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 entrles 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 entrles for Year 2 transactions. 2 If Ohlm pledged its recelvables as securlty for a loan from the bank, where on the financlal statements does it dlsclose this pledge of recelvables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amount at December 31 , Year 1. Complete this question by entering your answers in the tabs below. Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) Journal entry worksheet Accepted a $12,900,60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Ise those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet wote: tenter denits perare creaits. Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. If OhIm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 1 2 3 4 5 6 8 9 10 Accepted a(n) $2,060,60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. Note: Enter debits before credits
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