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pls complete the table to calculate the interest amounts and prepare a journal entry for year 2 transactions. thank you so much for your time!
pls complete the table to calculate the interest amounts and prepare a journal entry for year 2 transactions. thank you so much for your time!
The following transactions are from Ohim Company (Use 360 days a year.) Ched Year 1 December 16 Accepted a $10,800, 60-day, 8 note in granting Danny Todd a tine extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a $5,180, 81, 90-day note in granting a tine extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,400, 30-day, 7 note in granting Ava Privet a time extension on her pastdue account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a $7,440, 90-day, 109 note in granting a tine extension on the past-due account receivable of Mulan Company September 3 Accepted a $2,100, 60-day, 109 note in granting Noah Carson a time extension on his post-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 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 1-b. Use the calculated value to prepare your journal entries for Year 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. Required 1A Required 1B Required 10 Required 1D Required 2 First, complete the table below to calculate the interest amounts. Total through maturity Midnight Company Note - March 2, Year 2 A. Privet Note - Mulan Note - March 17, Year 2 August 7, Year 2 N. Carson Note - September 3, Year 2 Principal Rate (%) Time Total interest the financial Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Use those calculated values to prepare your journal entries for Year 2 transactions, Required 2 View transaction list Step by Step Solution
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