Please answer all parts of the section neatly. Thanks so much!
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $13,500, 60-day, 7% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $6,300, 7%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted an) $3,900, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note when presented for payment. May 31 Midnight Co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable. July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 7%. Aug. 7 Accepted a(n) $8,150, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $2,960, 60-day, 10% note dated this day 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, 2016. 1-b. Use the calculated value to prepare your journal entries for 2016 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 2017 transactions. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D First, complete the table below to calculate the interest amount at December 31, 2016. Principal Rate (%) Total Through Maturity $ 13,500 7% 60/360 Interest Recognized December 31 $ 13,500 7% 15/360 Time Total interest Required 1A Required 1B > Required 1A Required 1B Required 1C Required 1D Use the calculated value to prepare your journal entries for 2016 transactions. View transaction list View journal entry worksheet No Credit Date Dec 16 General Journal Notes receivable-D. Todd Accounts receivable-D. Todd Debit 13,500 13,500 2 Dec 31 Interest receivable Interest revenue Required 1A Required 1B Required 1C Required 1D First, complete the table below to calculate the interest amounts. Total Through Maturity Midnight Co. Note - March 2, 2017 A. Privet Note - March 17, 2017 Mulan Note - Midnight Co. August 7, 2017 017 Note - May 31, 2017 N. Carson Note - September 3, 2017 $ $ $ Principal Rate (%) Time Total interest 6,300 7% 90/360 3,900 7% 30/360 8,150 10% 90/360 Required 1B Required 10 > Journal entry worksheet 2 3 4 5 6 7 8 ..... 11 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits Date General Journal Debit Credit Feb 14 Record entry Clear entry View general journal
