q.12 ch.7

Required information [The following information applies to the questions displayed below] Following are transactions of Danica Company. December 13 Accepted a $18,000, 45-doy, 104 note in granting Niranda tee a time extenaion on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interent on the tee note. January 27 Recelved tee's payment for prineipal and interest on the note dated Decenber 13. Maroh 3 hecepted a $12,000, 82 , 90-day note in granting a time extension on the past-due account receivable of Fanas Company. March 17 Recepted a $16,000, 30-day, 100 note in granting H, Cheng a time extension on bill past-due account receivable. April 16H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtef Accounts. June 1 Received the Tomas payment for prinoipal and interest on the note dated March 3 . Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entrifs. Note: Do not round intermediate calculations. Use 360 days a year. Journal entry worksheet 6 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Note: Enter debits before credits. Journal entry worksheet 6 Accepted a $12,000,8%,90-day note in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. Accepted a $18,000,30-day, 10% note in granting H. Cheng a time extension on his past-due account recelvable. Note: Enter debits before credits: H. Cheng dishonored his note. Note: Enter debits before credits. Journal entry worksheet 2 6 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Journal entry worksheet 2 3 Received the Tomas payment for principal and interest on the note dated March 3. Note: Enter debits before credits