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The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Nccepted a(n)$10,800,60-day, 71 note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the acerued interest on the Todd note. Year 2 February 14 Received Todd' ' payment of principal and interest on the note dated Docember 16. Mareh 2 Accepted a(n)$6,800,76,90-day note in granting a tine extention on the past-due account recelvable froa Midnight Company, Mareh 17 Accepted a $3,300, 30-day, 78 note in granting Ava Privet a tine extension on ber past-due account recelvable. Apri1 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. Auguat 7 Mccepted a(n) $7,550,90-day, 91 note in granting a tise extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,400,60-day, 91 note in granting Noah Caraon a time extension on his past-due account receivable. Novenber 2 received payment of prineipal plun interest fron carson for the september 3 note. November 5 Recelved payment of prineipal plun interest fron mulan tor the Auguat? note. December 1 Wrote off the Privet account againat the Allowance for Doubtful Accounta. 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 journal 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 recelvables as security for a loan from the bank, where on the financial statements does it disciose this pledge of receivables? First, complete the table below to calculate the interest amount at December 31 , Year 1 . Accepted a $10,800,60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. First, complete the table below to caiculate the interest amounts. (Do not round intermediate calculat Journal entry worksheet 4=5678910 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Journal entry worksheet Accepted a(n)$6,800,7%,90-day note in granting a time extension on the past-due accoukt receivable from Midnight Company. Note: Enter debits before credits. Journal entry worksheet Accepted a(n)$3,300,30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Journal entry worksheet
