The following selected transactions are from Ohlm Company: (Do not round intermediate calculations and round your final answers to nearest whole number. Use 360 days a year.)

2014

Dec.	16	Accepted a $13,000, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable.
	31	Made an adjusting entry to record the accrued interest on the Todd note.

2015

Feb.	14	Received Todds payment of principal and interest on the note dated December 16.
Mar.	2	Accepted a(n) $6,100, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co.
	17	Accepted a(n) $2,700, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable.
Apr.	16	Privet dishonored her note when presented for payment.
May	31	Midnight Co. refuses to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable.
July	16	Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%.
Aug.	7	Accepted a(n) $7,500, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Mulan Co.
Sept.	3	Accepted a(n) $2,060, 60-day, 11% note dated this day in granting Noah Carson a time extension on his past-due account receivable.
Nov.	2	Received payment of principal plus interest from Carson for the September 3 note.
Nov.	5	Received payment of principal plus interest from Mulan for the August 7 note.
Dec.	1	Wrote off the Privet account against Allowance for Doubtful Accounts.

	Total Through Maturity		Interest Recognized December 31
Principal
Rate (%)		%		%
Time
Total interest

1-b.	Use the calculated value to prepare your journal entries for 2014 transactions.

Journal Entry Worksheet

Accepted a $13,000, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable.

Made an adjusting entry to record the accrued interest on the Todd note.

1-c.

First, complete the table below to calculate the interest amounts.

	Total Through Maturity
	Midnight Co. Note - March 2, 2015		A. Privet Note - March 17, 2015		Mulan Note - August 7, 2015		Midnight Co. Note - May 31, 2015		N. Carson Note - September 3, 2015
Principal
Rate (%)
Time
Total interest

1-d.	Use those calculated values to prepare your journal entries for 2015 transactions.

Journal Entry Worksheet

Received Todds payment of principal and interest on the note dated December 16.

Accepted a $6,100, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co.

Accepted a $2,700, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable.

Privet dishonored her note when presented for payment.

Midnight Co. refuses to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.s accounts receivable.

Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%.

Accepted a $7,500, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Mulan Co.

Accepted a $2,060, 60-day, 11% note dated this day in granting Noah Carson a time extension on his past-due account receivable.

Received payment of principal plus interest from Carson for the September 3 note.

Received payment of principal plus interest from Mulan for the August 7 note.

Wrote off the Privet account against Allowance for Doubtful Accounts.