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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 $9,500, 45-day, 8% note
Required information (The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $9,500, 45-day, 8% 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 $5,000, 10%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $2,000, 30-day, 9% 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. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Tomas M Lee Note Company Note H Cheng Note General Journal Complete the table to calculate the Interest amounts. (Round "Total Interest" answers to nearest whole dollar.) Total Through Amount Accrued at Maturity December 31 Interest Recognized January 27 Principal Rate (%) Time Total interest March 3 Accepted a $5,000, 10%, 90-day note in gra March 17 Accepted a $2,000, 30-day, 9% note in gram April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the June 1 Received the Tomas payment for principal Complete the table to calculate the interest amounts a your intermediate calculations. Use 360 days a year. Complete this question by entering your answers M Lee Note Tomas Company Note H Cheng Note General Journal First, complete the table below to calculate the interest Total Through Maturity Principal Rate (%) Time Total interest March 17 Accepted a $2,000, 8-day, 9% Hote April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account agains June 1 Received the Tomas payment for princi Complete the table to calculate the Interest amou your intermediate calculations. Use 360 days a Complete this question by entering your ans M Lee Note Tomas Company Note Gene H Cheng Note Jour First, complete the table below to calculate the int Total Through Maturity Principal Rate (%) Time Total interest < Tomas Compa Journal entry worksheet 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. Note: Enter debits before credits. Date January 27 General Journal Debit Credit Record entry Clear entry View general journal
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