! Required information Use the following information for the Exercises 18-19 below. (Algo) (The following information applies to the questions displayed below.) Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 2% 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. Exercise 7-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $18,000, 10%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 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. 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. Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company 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 M Lee Note Tomas Company Note M Lee Note Tomas Company Note H Cheng Note General Journal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate (%) Time Total interest M Lee Note Tomas Company Note H Cheng Note General Journal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate (%) Time Total interest Tomas Company Note General Journal > 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. Note: Enter debits before credits. Date General Journal Debit Credit January 27 Record entry Clear entry View general journal Journal entry worksheet Accepted a $18,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit March 17 Record entry Clear entry View general journal Journal entry worksheet Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal Journal entry worksheet
