The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 16 Accepted past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note $12,700, 60-day, 10% note dated this day in granting Danny Todd a time extension Dec on his a 2017 14 Received Todd's payment of principal and interest on the note dated December 16 2 Accepted a(n) $7,600, 10%, 90-day note dated this day in granting account receivable from Midnight Co 17 Accepted a(n) $3,700, 30-day, 7 note dated this day in granting Ava Privet a time extension on her past-due account receivable. 16 Privet dishonored her note when presented for payment. 31 Midnight Co. refused to pay the note that was due to Ohlm Co to charge the dishonored note plus accrued interest to Midnight Co. 's accounts receivable Feb a time extension on the past-due Mar. Apr May May 31. Prepare the journal entry on July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 10%. 7 Accepted a(n) $7,950, 90-day, 11% note dated this day in granting account receivable of Mulan Co Aug a time extension on the past-due 3 Accepted a(n) $3,600, 60-day, 9% note dated this day in granting Noah Carson a time extension on his past-due account receivable 2 Received payment of principal plus interest from Carson for the September 3 note 5 Received payment of principal plus interest from Mulan for the August 7 note. 1 Wrote off the Privet account against the Allowance for Doubtful Accounts Sep Nov. Nov. Dec Required: 1-a. First, complete the table below to calculate the interest amount at December 31, 2016. 1-b. Use the calculated value to prepare your journal entries for 2016 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for 2017 transactions. Required 1A Required 1C Required 1B Required 1D First, complete the table below to calculate the interest amounts. Total Through Maturity N. Carson Note- A. Privet Note Midnight Co. Midnight Co. Note - March Mulan Note- August 7, 2017 Note - May 31, September 3, - March 17, 2017 2, 2017 2017 2017 Principal Rate (%) Time Total interest Required 1B Required 1D No Date General Journal Credit Debit 1 Feb 14 Cash Interest receivable 212 Interest revenue Notes receivable-D. Todd 12,700 Notes receivable-Midnight Co 2 Mar 02 Accounts receivable-Midnight Co 3 Mar 17 Notes receivable-A, Privet Accounts receivable-A. Privet 4. Apr 16 Accounts receivable-A. Privet Interest revenue Notes receivable-A. Privet May 31 Accounts receivable-Midnight Co 5 Interest revenue Notes receivable-Midnight Co 6 Jul 16 Cash Interest revenue Notes receivable-Midnight Co Aug 07 Notes receivable-Mulan 7
