The following transactions are from Ohlm Company. (Use 360 days a year.)
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 journal entries for Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?
The following transactions are from Ohim Company. (Use 360 days a year.) Year 1 December 16 Accepted a $10,800,60-day, 88 note in granting Danny Todd a time extension on hia pant-die account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd'a payment of prineipal and interest on the note dated December 16. March 2 Accepted a $6,100,84,90-day note in granting a time extension on the past-due account receivable from Midnight Company. Mareh 17 Accepted a $2,400,30-day, 78 note in granting Ava privet a time extenaion on her past-due account receivable. Apri1 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. Nugust 7 Accepted a $7,440,90-day, 108 note in granting a time extension on the past-due account receivable of Mula Company. September 3 Accepted a $2,100,60-day, 108 note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from carson for the september 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 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 amoun!5. 1-d. Use those calculated values to prepare your journal 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 disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amount at December 3 Use the calculated value to prepare your journal entries for Year 1 transactions. Journal entry worksheet Accepted a $10,800,60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. Use the calculated value to prepare your journal entries for Year 1 transactions. Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. First, complete the table below to calculate the interest amounts. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 10 Received Todd's payment of principal and interest on the note dated December 16. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 9 Accepted a $6,100,8%,90-day note in granting a time extension on the pastdue account receivable from Midnight Company. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Accepted a $2,400,30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 6 7 8 9 10 Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet 6 7 8 9 Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Accepted a $7,440,90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Accepted a $2,100,60-day, 10% note in granting Noah Carhon a time extension on his past-due account receivable. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Received payment of principal plus interest from Carson for the September 3 note. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Received payment of principal plus interest from Mulan for the August 7 note. Note: Enter debits before credits. Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Wrote off the Privet account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. If Ohim pledged its recelvables as security for a loan from the bank, where on the financial statements does it disclose this pledge of recelvables
