Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Return to question Following are transactions for Vitalo Company November 1 Accepted a $16,eee, 180-day, 9 note from Kelly white in granting = time extension

image text in transcribed
image text in transcribed
image text in transcribed
Return to question Following are transactions for Vitalo Company November 1 Accepted a $16,eee, 180-day, 9 note from Kelly white in granting = time extension on her past due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the white note. April 3e white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations, Use 360 days a year.) Answer is complete but not entirely correct. 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 31 and April 30th Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and AF Principal Rate (%) Time Total interest November Total 1 Through January 1 Through Through December Maturity 31 April 30 $ 16,000 $ 16,000 $ 16,000 6% X 6% 6% X 180/360 60/360 120/360 587 XS 160 X $ 427 x $ interest amounts General Jour Use those calculated values to prepare your journal entries. No Date Debit Credit November 01 General Journal Notes receivable-K. White Accounts receivable-k White 16.000 16,000 2 December 31 > 160 Interest receivable Interest revenue 160 3 April 30 16,587 Cash Notes receivable White Interest receivable Interest revence OO 16,000 160 427 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis International

Authors: Charles T. Horngren, Srikant M. Datar, George Foster

11th Edition

8120323548, 978-8120323544

More Books

Students also viewed these Accounting questions