Question
Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $11,000, 45-day, 9% note
Required information
[The following information applies to the questions displayed below.] Following are transactions of Danica Company.
Dec. | 13 | Accepted a $11,000, 45-day, 9% note in granting Miranda Lee a time extension on her past-due account receivable. | ||
31 | Prepared an adjusting entry to record the accrued interest on the Lee note. |
Complete the table to calculate the interest amounts at December 31st and use the calculated value 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.
- Interest Amounts
- General Journal
Complete the table to calculate the interest amounts at December 31st.
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Journal entry worksheet
Record acceptance of a $11,000, 45-day, 9% note in granting Miranda Lee a time extension on her past-due account receivable
Note: Enter debits before credits.
Prepare an adjusting entry to record the accrued interest on the Lee note.
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