The following transactions are from Ohim Company (Use 360 days a year.) Year 1 December 16 Accepted a (n)$11,500,60-day, 7$ note in granting Danry Todd a time extension on his past-due account receivable. Decemben 31 Made an adjusting entry to record the acerued interest on the Todd note. Year 2 February 14 Received Todd's paysent of principal and interest on the note dated Decerber 16. March 2 accepted a(n)56,829,7%, 90-day note in granting a time extension on the past-due account receivable fron Midnight Company. March 17 Accepted a 53,900,30-day, 7% note in granting Ava Privet a tire extension on her past-due account receivable. Apri1 16 Privet dishonored her note. May 31 Midnight Conpany dishonored its note. August 7 Accepted a(n)$8,150,90-day, 8x note in granting a time extension on the past-due account receivable of Mulan company. September 3 Accepted a $2,316,60-day, les note in granting loah Carson a tire extension on his past-due account receivable. November 2 Received payment of principal plus interest fron carson for the Septenber 3 note. November 5 Received paysent of principal plus interest fron Mulan for the August 7 note. Decenber 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1.a. First, complete the table below to calculate the interest amount at December 31, Year 1 . 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions 1-c. First, complete the table below to calculate the interest amounts. 1.d. Use those calculated values to prepare your joumal entries for Year 2 transactions. 2. If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disciose this pledge of recelyables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amount at December 31 , Year 1 . Journal entry worksheet Accepted a $11,500,60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Journal entry worksheet 34578910 Received Todd's payment of principal and interest on the note dated December 16 . Note: Enter debits before credits. Journal entry worksheet Accepted a(n)$6,800,7%,90-day note in granting a time extension on the past-due account receivable from Midnight Company. Note: Enter debits before credits. Journal entry worksheet Accepted a(n) $3,900,30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Journal entry worksheet
