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PLEASE HELP! with explanation would be great! The following transactions are from Ohim Cornpany. Note: Uee 300 dayz a year. Year 1 Decenber 31 Made
PLEASE HELP! with explanation would be great!
The following transactions are from Ohim Cornpany. Note: Uee 300 dayz a year. Year 1 Decenber 31 Made an adjusting entry to record the accrued interest on the Todd nate. Year 2 February 14 Received Todd's payment of principal and interest on the note dated Decenber 16. March 2 Accepted a(n)$6,760,9, 90 -day note in granting a tine extension on the past-due account recetvable fron Midnight Company. March 17 Accepted a $2,109,30-day, 7 note in granting Ava Privet a tine extension on her past-due account recelvable. April 16 Privet dishonored ber note. May 31 Midnight Coopany dishonored its note. August 7 Accepted a( n ) $7,189, 90 -day, 118 note in grantind a tine extension on the past-due account receivable of Mulan Company. septenber 3 Accepted a $2,43e, 6e-day, 11X note in granting Moah Carson a time extension on his past-due account receivable. Novenber 2 Received payment of principal plus interest fron Carson for the Septenber 3 note. Novimber. 5 feceived payment of principal plus interest from Milan for the August 7 note: Decenber 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1-a. First, complete the table below to caiculate 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 receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. Use those calculated values to preoare vour ioumal entries for Year 2 transactions. Recuired in Hequered io themirad ic Becoired to Recouind 2 Provirad 10 Rapulied 2
PLEASE HELP! with explanation would be great!
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