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please Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Decenber 13 Accepted a $9,500,45-day, 8% note
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Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Decenber 13 Accepted a $9,500,45-day, 8% note in granting Miranda Lee a tine extension on her past-due account receivable. Decenber 31 Prepared an adjusting entry to record the accrued interest on the Lee note. lanuary 27 Received Lee's payment for principal and interest on the note dated Decenber 13. March 3 Accepted a 55,008,105,90-day note in granting a time extension on the past-due account receivable of Taeas Conpany. March 17 Accepted a \$2, 08e, 30-day, 94 note in granting H. Cheng a time extension on his past-due account receivable. April 16H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtfut Accounts. June 1 Received the Tonas payasent for principat and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Complete the table to calculate the interest amounts. (flound "Total interest" answers to nearest whole dollar.) Step by Step Solution
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