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[The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 10t note in granting
[The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 10t note in granting Miranda Lee a time extension on her past-due December 31 account receivable. an adjusting ontry to record the accrued interest on the Lee note. January 27 Received Lee's payment for prineipal and interest on the note dated becember 13. March 3 Accepted a 516,000,81,90-dny note in granting a time extenilon on the past-due account receivable of Toma March 17 Accepted a 518,000,30-day, 88 note in granting 8. Cheng a time extenoion on his pant-due account receivabl Company. April 16H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tosas 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 joumal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Complete the table to calculate the interest amounts. First, complete the table below to calculate the interest amounts. Recelved Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Note: Enter debits before credits. Accepted a $18,000,8%,90-day note in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. Accepted a $18,000,30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits. H. Cheng dishonored his note. Note: Enter debits before credits, Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Received the Tomas payment for principal and interest on the note dated March 3. Note: Enter debits before credits
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