Problem 7 5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following transactions are from Ohlm Company (Use 360 days a year ) Year 1 Dec 16 Accepted a $11,600, 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 Todds payment of principal and interest on the note dated December 16 Mar 2 Accepted a(n) $7,000, 7 , 90 day note in granting a time extension on the past due account receivable from Midnight Co 17 Accepted a(n) $4,000, 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) $7,400, 90 day, 10 note in granting a time extension on the past due account receivable of Mulan Co Sep 3 Accepted a(n) $3,560, 60 day, 11 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 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 Accepted a $11,600, 60 day, 7 note in granting Danny Todd a time extension on his past due account receivable Made an adjusting entry to record the accrued interest on the Todd note General Entry Inputs Accounts payableA Privet Accounts payableD Todd Accounts payableMidnight Co Accounts payableMulan Accounts payableN Carson Accounts receivableA Privet Accounts receivableD Todd Accounts receivableMidnight Co Accounts receivableMulan Accounts receivableN Carson Allowance for doubtful accounts Cash Interest receivable Interest revenue Notes payableA Privet Notes payableD Todd Notes payableMidnight Co Notes payableMulan Notes payableN Carson Notes receivableA Privet Notes receivableD Todd Notes receivableMidnight Co Notes receivableMulan Notes receivableN Carson Received Todds payment of principal and interest on the note dated December 16 Accepted a(n) $7,000, 7 , 90 day note in granting a time extension on the past due account receivable from Midnight Co Accepted a(n) $4,000, 30 day, 7 note in granting Ava Privet a time extension on her past due account receivable Privet dishonored her note Midnight Co dishonored its note Accepted a(n) $7,400, 90 day, 10 note in granting a time extension on the past due account receivable of Mulan Co Accepted a(n) $3,560, 60 day, 11 note in granting Noah Carson a time extension on his past due account receivable Received payment of principal plus interest from Carson for the September 3 note Received payment of principal plus interest from Mulan for the August 7 note Wrote off the Privet account against the Allowance for Doubtful Accounts General Entry Inputs Accounts payableA Privet Accounts payableD Todd Accounts payableMidnight Co Accounts payableMulan Accounts payableN Carson Accounts receivableA Privet Accounts receivableD Todd Accounts receivableMidnight Co Accounts receivableMulan Accounts receivableN Carson Allowance for doubtful accounts Cash Interest receivable Interest revenue Notes payableA Privet Notes payableD Todd Notes payableMidnight Co Notes payableMulan Notes payableN Carson Notes receivableA Privet Notes receivableD Todd Notes receivableMidnight Co Notes receivableMulan Notes receivableN Carson Required 1A Required 1B Required 1C 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 Journal entry worksheet 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 Received Todd's payment of principal and interest on the note dated December 16 Note Enter debits before credits Date General Journal Debit Credit Feb 14 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below Required 1A Required 1B Required 1C Required 1D Required 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 The pledge of receivables is shown in the

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Problem 7-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following transactions are from Ohlm Company. (Use 360 days a year.) Year

Problem 7-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1

Dec.		16		Accepted a $11,600, 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 Todds payment of principal and interest on the note dated December 16.
Mar.	2	Accepted a(n) $7,000, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.
	17	Accepted a(n) $4,000, 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) $7,400, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co.
Sep.	3	Accepted a(n) $3,560, 60-day, 11% 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. 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? image text in transcribed Accepted a $11,600, 60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Todd note. General Entry Inputs:

Accounts payableA. Privet
Accounts payableD. Todd
Accounts payableMidnight Co
Accounts payableMulan
Accounts payableN. Carson
Accounts receivableA. Privet
Accounts receivableD. Todd
Accounts receivableMidnight Co
Accounts receivableMulan
Accounts receivableN. Carson
Allowance for doubtful accounts
Cash
Interest receivable
Interest revenue
Notes payableA. Privet
Notes payableD. Todd
Notes payableMidnight Co
Notes payableMulan
Notes payableN. Carson
Notes receivableA. Privet
Notes receivableD. Todd
Notes receivableMidnight Co
Notes receivableMulan
Notes receivableN. Carson

image text in transcribed Received Todds payment of principal and interest on the note dated December 16. Accepted a(n) $7,000, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. Accepted a(n) $4,000, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable Privet dishonored her note. Midnight Co. dishonored its note. Accepted a(n) $7,400, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Accepted a(n) $3,560, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. Received payment of principal plus interest from Carson for the September 3 note. Received payment of principal plus interest from Mulan for the August 7 note. Wrote off the Privet account against the Allowance for Doubtful Accounts. General Entry Inputs:

Accounts payableA. Privet
Accounts payableD. Todd
Accounts payableMidnight Co
Accounts payableMulan
Accounts payableN. Carson
Accounts receivableA. Privet
Accounts receivableD. Todd
Accounts receivableMidnight Co
Accounts receivableMulan
Accounts receivableN. Carson
Allowance for doubtful accounts
Cash
Interest receivable
Interest revenue
Notes payableA. Privet
Notes payableD. Todd
Notes payableMidnight Co
Notes payableMulan
Notes payableN. Carson
Notes receivableA. Privet
Notes receivableD. Todd
Notes receivableMidnight Co
Notes receivableMulan
Notes receivableN. Carson

image text in transcribed

Required 1A Required 1B Required 1C 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 > Journal entry worksheet 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 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date General Journal Debit Credit Feb 14 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 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? The pledge of receivables is shown in the