Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls respond, i will like The following transactions are from Ohlm Company. (Use 360 doys a year.) Year 1 Decenber 16 Accepted a 510,800,60-day, 88

pls respond, i will like
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following transactions are from Ohlm Company. (Use 360 doys a year.) Year 1 Decenber 16 Accepted a 510,800,60-day, 88 note in granting Danny Todd a tine extension on his past-due account receivable. Decenber 31 Made an adjusting entry to record the accrued interest on the Todd note. Yeor 2 February 14 Received Todd's payment of principal and interest on the note dated Decenber 16. March 2 Accepted a $6,100, ax, 90 -day note in granting a time extension on the past-due account receivable from Midnight March 17 Accepted a $2,40e, 3e-day, 78 note in granting Ava Privet a tine extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Coopany dishonored its note. August 7 Accepted a 57,440,90-day, 10k note in granting a time extension on the past-due account receivable of Mulan compary. Septeaber 3 Accepted o $2,100,60-day, 105 note in granting lioah Carson a time extension on his past-due account receivable. Hovebber 2 Heceived paynent of principal plus interest froe Carson fon the Septenber I note. Whevenber 5 secelved payeent of principal plus interest froe Mulan for the August 7 note. Required: 1-0. First, complete the table below to calculate the Interest amount at December 3t, Year 1 . 1.b. Use the calculoted 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 recelvables as security for a loan from the bank, where on the financlal statements does it disciose this pledge of recelvables? Required: 1.0. 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 entrles 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 recelvables as security for a loan from the bank, where on the financial statements does it disclose this pledge of recelvables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amount at December 31 , Year 1 . View transaction list View journal entry worksheet First, complete the table below to calculate the interest amounts. Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Journal entry worksheet 78910 Accepted a $6,100,8%,90-day note in granting a time extension on the pastdue account receivable from Midnight Company. Note: Enter debits before credits. Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An International Introduction

Authors: David Alexander

7th Edition

129229583X, 978-1292295831

More Books

Students also viewed these Accounting questions

Question

Describe four common misunderstandings of Gestalt psychology.

Answered: 1 week ago