Required information [The following information applies to the questions displayed below.) Following are transactions of Danica Company. Dec. 13 Accepted a $12,000, 45-day, 94 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 Interest Total Through Recognized Maturity December 31 Principal Rate(%) Time Total interest Journal entry worksheet Record acceptance of a $12,000, 45-day, 9% note in granting Miranda Lee a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Dec 13 Record entry Clear entry View general journal Journal entry worksheet Prepare an adjusting entry to record the accrued interest on the Lee note. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $6,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company 17 Accepted a $4,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. Apr. 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 intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Amount Accrued at December 31 Interest Recognized January 27 Principal Rate (%) Time Total interest Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $6,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company 17 Accepted a $4,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. Apr. 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 intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate (%) Time Total interest Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $6,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $4,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. Apr. 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 intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate (%) Time Total interest Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note General Journal Use those calculated values to prepare your journal entries. View transaction list Journal entry worksheet 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 General Journal Debit Credit Jan 27 Record entry Clear entry View general journal
