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Need help with this question The following transactions are from Ohim Company. (Use 360 days a year.) Year 1 Dec. 16. Accepted a $12,700,60-day, 78
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The following transactions are from Ohim Company. (Use 360 days a year.) Year 1 Dec. 16. Accepted a $12,700,60-day, 78 note in granting Danny Todd a time extension on hin pant-due account recoivable. 31 Made an adjusting entry to record the acorued interent on the Todd note. Year 2 Peb. 14 Received Todd' a payment of prineipal and interest on the note dated Decelber 16. Max. 2 Accepted a(n) $6,300,75,90-day note in granting a time extension on the past-due account recelvable fros Midnight co. 17 Accepted a(n)$2,500,30-day, 71 note in granting Ava privet a time extenaion on her paat-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n)$8,900,90-day, 108 note in granting a time extension on the past-due account receivable of Mulan Sep. 3 Accepted a(n)$2,300,60-day, 108 note 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 , Year 1. 1-b. Use the calculated value to prepare your joumal 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 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. First, complete the table below to calculate the interest amount at December 31 , Year 1 Step by Step Solution
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