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Not sure how to do these questions please help Following are selected transactions of Danica Company for 2017 and 2018. 2017 Dec. 13 Accepted a
Not sure how to do these questions please help
Following are selected transactions of Danica Company for 2017 and 2018. 2017 Dec. 13 Accepted a $22,080, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2018 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Company. 17 Accepted a $14, eee, 30-day, 6% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 H. Cheng dishonored his note when presented for payment. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity $ Principal Rate(%) 22,000 896 45/360 Amount Accrued at December 31 $ 22.000 896 18/360 Interest Recognized January 27 $ 22.000 696 90/360 [ Total interest Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Principal Rate(%) Time Total interest 2 3 4 5 6 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Date General Journal Debit Credit Jan 27, 2018 Record entry Clear entry View general journalStep by Step Solution
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