The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a(n) $12, 8ee, 60-day, 8t note in granting Danny Todd a tine extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,680, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a $2,800, 30-day, 74 note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted ain) $8,500, 90-day, 18% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a $2,540, 60-day, 104 note 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 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 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. Required 1A Required 18 Required IC Required 1D Required 2 First, complete the table below to calculate the Interest amount at December 31, Year 1. Interest Total Through Required 1A Required 1B Required 1C Required 10 Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Interest Recognized Maturity December 31 Principal Rate(%) Time Total interest Hequired Required 18 8 Required 1A Required 18 Required 10 Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) 2.22 points View transaction list 00:52:26 Journal entry worksheet 2 Accepted a $12,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date Dec 16 Record entry Clear entry View general journal 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 journal entries for Ylar 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disci of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 1D Required 2 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity Midnight Co. A. Privet Note Mulan Note Note - March - March 17, August 7 Year 2, Year 2 Year 2 2 N. Carson Note - September 3, 2017 Principal Rate (%) Time Total interest Required 1A Required 18 Required 10 Required 10 Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet
