Problem 9-5A (Algo) Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following transactions are from Ohim Company Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $11,800, 60-day, 9% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest I 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(n) $6,800, 9%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,600, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,800, 90-day, 11% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2,030, 60-day, 11% note in granting Noah Carson a time extension on his past-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 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 bel Complete this question by entering your answers in the tabs bel Required 1A Required 1B Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amount at Decem Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest Required 1A Required 18 Required 1C Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) View transaction list Journal entry worksheet < 2 Accepted a $11,800, 60-day, 9% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Date December 16 General Journal Debit Credit < Prev 5 of 5 Next Journal entry worksheet < 2 Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Required 1A Required 1B Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity Principal Rate (%) Time Total interest Midnight Company Note N. Carson A. Privet Note Mulan Note - March 17, Year August 7, Year Note- - March 2, Year September 3, 2 2 2 2017 < Required 1B Required 1D > Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date February 14 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Accepted a(n) $6,800, 9%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. Note: Enter debits before credits. Date March 02 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 2 3 4 5. 6 7 8 9 10 10 Accepted a(n) $2,600, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Date March 17 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 8. 9 10 > Privet dishonored her note. Note: Enter debits before credits. Date General Journal Debit Credit April 16 Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Midnight Company dishonored its note. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 9 10 Accepted a(n) $7,800, 90-day, 11% note in granting a time extension on the past-due account receivable of Mulan Company. Note: Enter debits before credits. Date August 07 General Journal Debit Credit Clear entry View general journal Record entry Journal entry worksheet < 1 2 3 4 5 6 8 9 10 Accepted a(n) $2,030, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. Note: Enter debits before credits. Date September 03 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 8 9 10 Received payment of principal plus interest from Carson for the September 3 note. Note: Enter debits before credits. Date November 02 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 O 10 Received payment of principal plus interest from Mulan for the August 7 note. Note: Enter debits before credits.. Date November 05 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 6 Wrote off the Privet account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Date December 01 10 General Journal Debit Credit Record entry Clear entry View general journal