The following transactions are from Ohlm Company (Use 360 days a year.) Year 1 Dec. 16 Accepted a(n) $18,50e, 6e-day, 7% 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) $7,600, 75, 90-day note in granting a time extension on the past-due account receivable from Midnight co 17 Accepted a $3,200, 30-day, 7% 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 a(n) $8,550, 90-day, 10% note in granting time extension on the past-due account receivable of Mulan Co. Sep 3 Accepted a $3,300, 60-day, 10% 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 10 Required 10 Required ID Required 2 SEWUSELILLIOVCU IVECPI y JUHI CHHICS ICOI GRISOLUS. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 1D Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Maturity Interest Recognized December 31 ces Principal Rate(%) Time Total interest (Required 1A Required 18 > ose vie CailuidLeu Value w piepie your journal ERLIES 101 ICA 1 LaMSALUUNIS. (WU HIUL UUTIU CUOLE COLUIGLI View transaction list Journal entry worksheet pod Check View transaction list Journal entry worksheet ped Accepted a(n) $7,600,7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. book Note: Enter debits before credits encos General Journal Debit Date Mar 02 Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet od Accepted a(n) $3,200, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits hoes Date General Journal Debit Credit Mar 17 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Privet dishonored her note. Note: Enter debits before credits General Journal Debit Credit Date Apr 16 Record entry Clear entry View general Journal View transaction list Journal entry worksheet ped Midnight Co. dishonored its note. look hint Note: Enter debitis before credits General Journal Debit Credit Date May 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet Accepted a(n) $3,300, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. Note: Enter debits before credits Dato General Journal Sep 03 Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet View transaction list Journal entry worksheet Received payment of principal plus interest from Mulan for the August 7 note. Note: Enter debits before credits Date General Journal Debit Credit Nov 05 Record entry Clear entry View general Journal View transaction list Journal entry worksheet
