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The following transactions are from Ohlm Company. Note: Use 3 6 0 days a year. Year 1 December 1 6 Accepted a ( n )
The following transactions are from Ohlm Company.
Note: Use days a year.
Year
December Accepted an $day, note in granting Danny Todd a time extension on his pastdue account receivable.
December Made an adjusting entry to record the accrued interest on the Todd note.
Year
February Received Todds payment of principal and interest on the note dated December
March Accepted an $day note in granting a time extension on the pastdue account receivable from Midnight Company.
March Accepted a $day, note in granting Ava Privet a time extension on her pastdue account receivable.
April Privet dishonored her note.
May Midnight Company dishonored its note.
August Accepted an $day, note in granting a time extension on the pastdue account receivable of Mulan Company.
September Accepted a $day, note in granting Noah Carson a time extension on his pastdue account receivable.
November Received payment of principal plus interest from Carson for the September note.
November Received payment of principal plus interest from Mulan for the August note.
December Wrote off the Privet account against the Allowance for Doubtful Accounts.
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