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Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $28,000, 45-day, 10% note
Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $28,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $22,000, 108, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 30-day, 6 note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. r inurnal entries. Complete this question by entering your answers in the tabs below. Tomas General M Lee Note Company Note H Cheng Note Journal Complete the table to calculate the interest amounts. Principal Rate (%) Time Total interest Total Through Maturity Amount Accrued at December 31 Interest Recognized January 27 Complete this question by entering your answers in the tabs below. Tomas General M Lee Note Company Note H Cheng Note Journal First, complete the table below to calculate the interest amounts. Principal Rate (%) Time Total interest Total Through Maturity Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note General H Cheng Note Journal First, complete the table below to calculate the interest amounts. Total Through Principal Rate (%) Time Total interest Maturity View transaction list Journal entry worksheet < 1 2 3 4 5 6 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Journal entry worksheet 2 3 4 5 6 Accepted a $22,000, 10%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. Date March 03 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 1999 4 5 6 Accepted a $15,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits. Date March 17 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 56 H. Cheng dishonored his note. Note: Enter debits before credits. Date April 16 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Date May 01 General Journal Debit Credit View general journal Record entry Clear entry
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