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O Required information (The following information applies to the questions displayed below.) Following are transactions of Danica Company Dec. 13 Accepted a $22,000, 45-day, 7

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O Required information (The following information applies to the questions displayed below.) Following are transactions of Danica Company Dec. 13 Accepted a $22,000, 45-day, 7 note in granting Miranda toe a tine extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $16,000, 109, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $14,000, 30-day, 6 note in granting H. Cheng a time extension on his past-due account receivable. Apr. 16 . Cheng dishonored his note. 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.) :X: 1 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. 2 Accepted a $16,000, 10%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 3 Accepted a $14,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. 4 H. Cheng dishonored his note. 5 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts Note : journal entry has been entered Record entry Clear entry 5 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts

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