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

Help Save & Exit Check 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 $10,000, 60-day. 61 note in granting Danny Todd a time extension on his past-due account receivabl 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of prineipal and interest on the note dated December 16. Mar. 2 Accepted ain) $7.800, 60, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted ain) $3.000, 30-day. 76 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 ain) $8,300, 90-day, 9 note in granting a time extension on the past due account receivable of Holan Sep. 3 Mecepted ain) $3,710, 60-day, 116 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 Recounts. 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? Complete this question by entering your answers in the tabs below. Dec. 1 Wrote off the Privat 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? Complete this question by entering your answers in the tabs below Required 1A Required 1B Required 1C Required 1D Required 2 ount at December 31, vesti 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 1B >