Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $30,000, 45-day, 6% 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. Exercise 7-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $24,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $22,000, 30-day, 8% 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 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 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. (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 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. 2 Accepted a $24,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company 3 Accepted a $22,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable. 4 H. Cheng dishonored his note. 5 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts 2 Accepted a $24,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 3 Accepted a $22,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable. 4 H. Cheng dishonored his note. 5 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. 6 Received the Tomas payment for principal and interest on the note dated March 3
