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Required information [The following information applies to the questions displayed below) Following are transactions of Danica Company Dec. 13 Accepted a $25,000. 15-day, sx note
Required information [The following information applies to the questions displayed below) Following are transactions of Danica Company Dec. 13 Accepted a $25,000. 15-day, sx note in granting Miranda Lee a tine extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Jm. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $19.000, 8%. 90-day note in granting a tine extension on the past-due account receivable of Tonas Conpany. 17 Accepted a $17.000. 30-day, 8% note in granting H. Cheng a tine extension on his past-due account receivable. Apr. 16 H. Cheng dishonored his note. May 1 Vrote off the H. Cheng account against the Allowance for Doubtful Accounta. June 1 Received the Tonas 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. General M Lee Note Tomas Co Note H Cheng Note Journal Complete the table to calculate the interest amounts. Total Through Amount Interest Accrued at Maturity Recognized December 31 January 27 Principal Rate(%) Time Total interest Tomas Co Noto > Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Do not ro intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General M Lee Note Tomas Co Note H Cheng Note Journal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate(%) Time Total Interest Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General M Lee Note Tomas Co Note H Cheng Note Journal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate(%) Time Total interest Required information M Lee Note Tomas Co Note H Cheng Note General Journal Debit Credit Use those calculated values to prepare your journal entries. No Date General Journal 1 Jan 27 Cash Interest revenue Interest receivable Notes receivableM. Lee 2 Mar 03 X Notes payable-Tomas Co Accounts receivable-Tomas Co Mar 17 Notes receivable-H. Cheng > 4 Apr 16 Accounts receivable-H. Cheng Notes receivable-H. Cheng 5 5 May 01 Allowance for doubtful accounts Accounts receivable-H Cheng 6 Jun 01 Cash Notes receivable-Tomas Co Interest revenue
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