Lovely Accounting Questions:))
Year 1 Deceaber 16 Accepted a(n)$11,200, 60 -day, sx note in aranting oanny todd a tine extension on his past-due account receivable. Deceaber 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 Decenber 16. comeny. Narch 17 Accepted a $2,600, 30-day, 74 note in sranting Ava Privet a tine extension on her past-due account recelvabie. April 16 Privet dishonored her note. May 31 Midnight conpany dishonored its note. August ? Accepted a(n) $7,900,90-dty, 12x note in granting a tine extension on the past-due account receivable of mulan company. Septeaber 3 Accepted a \$3,509, 60-day, as note in granting Noah carsion a tine extension on his past-due account receivable. Noveaber: 2 Aeceived paynent of principal plus interest fron Carson for the Septenber 3 note. Noveaber 5 Recelved payment of principal plus interest from mulan for the Aupust 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 calcuiated value to prepare your journal entries for Year 1 transactions. 1-c. First, complete the table below to caiculate the interest amounts. 1.d. Use those calculated values to prepare your journat entrtes for Year 2 transactions 2. If Ohim pledged its recelvables as security for a loan from the bank, where on the financial statements does it disclose this pledge of recelvables? Complete this question by entering your answers in the tabs below. Use the calculated value to prepare your joumal entries for Year 1 transactions. Note: Do not round intermediate calculabions. conpany. March 17 Accepted a $2,600, jo-day, 75 note in granting Ava Privet a tine extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Nidnight Conpany dishonored its note. August 7 Accepted a(n)s7,900,90-day, 125 note in granting a tine extension on the past-due account recejvable of mulan company. Septenber 3 Accepted a $3,500,60-day, 8$ note in zranting moah carson a tine extension on his past-due account recelvable. Novenber 2 Recelved payment of principal. plus interest fron carson for the Septenber 3 note. Novenber 5 Received payment of principal plus interest fron 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 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 Ohim pledged its recelvables as security for a loan from the bank, where on the financial statements does it disclose this pledge of recelvables? Complete this question by entering your answers in the tabs below. Use those calculated values to prepare your joumal entries for Year 2 transactions. Journal entry worksheet
