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PLEASE HELP WITH THE FINAL TABLE. thanks!! The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a
PLEASE HELP WITH THE FINAL TABLE. thanks!!
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $11,500, 60-day, 7% note 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. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $6,400, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $2,600, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n) $8,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $2,330, 60-day, 9% note 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, Year 1. 11-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 Ohlm 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. Required 1A Required 1B Required 10 Required 1D Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Principal Rate(%) Interest Total Through Recognized Maturity December 31 $ 11,500 $ 11,500 7% 7% 60/360 15/360 S 134 S 34 Time Total interest Required 1A Required 1B > Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 10 Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) View transaction list View journal entry worksheet No Credit Date Dec 16 General Journal Notes receivable-D. Todd Accounts receivable-D. Todd Debit 11,500 11,500 2 Dec 31 Interest receivable Interest revenue Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 1D Required 2 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity Midnight Co. Note - March 2. Year 2 2 S Principal Rate (%) 6,400 7% 90/360 112 S A. Privet Note Mulan Note N. Carson Note - - March 17, August 7, Year Year 2 September 3, 2017 $ 2,600 S 8,900 S 2,330 7% 19% 10% 30/360 90/360 60/360 1 5 S 223 S 35 Time Total interest S Feb 14 11,6340 Cash Interest revenue Interest receivable Notes payableD. Todd 100/ 34 11,5000 Mar 02 6,4000 Notes receivableMidnight Co Accounts receivableMidnight Co 6,4000 Mar 17 2,6000 Notes receivable-A. Privet Accounts receivable-A. Privet 2,6000 Apr 16 2,615/ Accounts receivableA. Privet Interest revenue Notes receivable-A. Privet 2,6008 15 May 31 4,900x Accounts receivableMidnight Co Interest revenue Notes receivable Midnight Co 9,1238 1238 Aug 07 Notes receivableMulan Accounts receivable-Mulan Sep 03 Notes receivable-N. Carson Accounts receivable-N. Carson Nov 02 Cash Interest revenue Notes receivableN. Carson Nov 05 Cash Interest revenue Notes receivable-Mulan Dec 01 Allowance for doubtful accounts Accounts receivable-A. Privet
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