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The following transactions are from Ohim Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $11, 100, 60-day, 61 note in granting Danny Todd a time extension on his past-due account receivablo. 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) $6,800, 60, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $2,700, 30-day, 7 noto 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) $7,000, 90-day, 9 note in granting a time extension on the pant-due account receivable of Mulan Co. Sep. 3 Accepted a(n) 3,680 60-day, 118 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 of 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. 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 Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? 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. Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest Required 1A Required 1B Required 10 Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) Vlow transaction list Journal entry worksheet > 1 2 Accepted a $11,100, 60-day, 6% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits Dobit Credit Dato General Journal Dec 16 Record entry Clear entry View general Journal Required 1A Required 1B Required 10 Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits Debit Credit Date General Journal Dec 31 View general Journal Record entry Clear entry Required 1A Required 1B Required 10 Required 2 Required 1D 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 A. Privet Note - March 17, Year 2 Mulan Note - August 7, Year 2 N. Carson Noto - September 3, 2017 Principal Rate(%) Time Total interest Required 1A Required 1B Required 10 Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. General Journal Debit Credit Date Feb 14 Record entry Clear entry View general journal Required 1A Required 1B Required 10 Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet 1 3 10 4 5 6 7 8 9 Accepted a(n) $6,800, 6%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. Note: Enter debits before credits. General Journal Debit Credit Date Mar 02 Record entry Clear entry View general journal Required 1A Required 1B Required 1C Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet 1 2 2 3 4 5 6 7 8 9 10 Accepted a(n) $2,700, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date Mar 17 Record entry Clear entry View general Journal Required 1A Required 1B Required 10 Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet 10 2 3 5 8 9 5 5 6 7 8 9 10 4 9 10 8 6 4 10 9 7 8 6 4 5
