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Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company (Use 360 days a year.)
Problem 9-5A Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following selected transactions are from Ohlm Company (Use 360 days a year.) 2016 Dec. 16 Accepted a $1,800, 60-day, 10% note dated this day in granting Danny Todd a tine extension on his past-due account 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 Accepted a(n) $7,780, 1es, 9e-day note dated this day in granting a time extension on the past-due account receivable from Nidnight Co 17 Accepted a(n) S3 ,900, 30-day, 7% note dated this day in granting Ava Privet a tine extension on her past-due account receivable Apr. 16 Privet dishonored her note when presented for payment May 31 Hidnight Co. refused to pay the note that was due to Oh1m 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 Kidnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity Aug. 7 Accepted a(n) $7,758, 98-day, 10x note dated this day in granting a time extension on the past-due account receivable of Sep 3 Accepted a( ) S2,878, 68-day, 11% note dated this day in granting Noah Carson a time extensi Mulan Co. on on his past-due account receivable. Nov. 2 Received payment of principel plus interest from Carson for the September 3 note. Nov. 5 Received payment of principel plus interest from Mulan for the August 7 note. Dec. 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1-s. First, complete the table below to calculate the interest amount at December 31, 2016. Use th e calculated value to prepare your journal entries for 2016 transactions , 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
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