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Nov. 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the
Nov. 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete the table to calculate the interest amounts at December 31st and April 30th 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. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th, Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Journal entry worksheet < 1 2 3 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. Note: Enter debits before credits. Date Nov 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 3 Adjusted the year-end accounts for the accrued interest earned on the White note. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 White honored her note when presented for payment. Assume no reversing entries were made on January 1. Note: Enter debits before credits. Date Apr 30 General Journal Debit Credit Record entry Clear entry View general journal
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