Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohim Company. (Use 360 days a year.) 2016 Dee. 16 Accepted a $19,400, 60-day, 9 note dated this day in granting Danny Todd time extension an nis past-due 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 recepted a(n) $7.200.91, 90-day note dated this day in granting a tine extension on the past-due account receivable from Midnight Co. 17 kecepted a(n) $2,200, 30-day, 71 note dated this day in granting Ava Privet a time extension on her past due account receivable. Apr. 16 Privet dishonored her note when presented for payment. May 31 Midnight co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable. July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 91. Aug. 7 Accepted ain) $8,550, 90-day, 111 note dated this day in granting a time extension on the past-due account receivable of Molan Co. Sep. 3 Accepted a(n) 52,520, 60-day, 106 note dated this day 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 of 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, 2016. 1-b. Use the calculated value to prepare your journal entries for 2016 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 2017 transactions Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1C Required 1D First, complete the table below to calculate the interest amounts. Total Through Maturity Midnight Co A. Privet Note Mutan Note Midnight Co. Note - March - March 17, August 7 Note - May 31 2. 2017 2017 2017 2017 $ 7.2007 s Principal Rate(%) Time Total interest 2 200 $ 7 30/360 13 5 8.550 11% 90/360 235 N. Carson Note - September 3, 2017 $ 2.250 10% 60350 $ 38 90/350 1625
