The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $11,0ee, 60-day, 8% note in granting Danny Todd a time 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) $7,480, 8%, 9e-day note in granting a time extension on the past-due account receivable from Midnight Co 17 Accepted a (n) $3,500, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May Aug. Sep. 31 Midnight Co. dishonored its note 7 Accepted a(n) $7,850, 98-day, 12 % note in granting a time extension on the past-due account receivable of Mulan Co 3 Accepted a(n) $3,530, 6e-day, 12 % note in granting Noah Carson a time extension on his past-due account receivable 2 Received payment of principal plus interest from Carson for the September 3 note. 5 Received payment of principal plus interest from Mulan for the August 7 note 1 Wrote off the Privet account against the Allowance for Doubtful Accounts Nov Nov. Dec. 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 entrles 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 transactlons. 2. If Ohlm pledged Its recelvables as security for a loan from the bank, where on the financlal statements does It disclose this pledge of recelvables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1 Interest Total Through Maturity Recognized December 31 Principal Rate (%) Time Total interest Required 1A Required 1B The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $11,0ee, 60-day, 8% note in granting Danny Todd a time 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) $7,480, 8%, 9e-day note in granting a time extension on the past-due account receivable from Midnight Co 17 Accepted a (n) $3,500, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. 31 Midnight Co. dishonored its note 7 Accepted a(n) $7,850, 98-day, 12 % note in granting a time extension on the past-due account receivable of Mulan Co 3 Accepted a(n) $3,530, 6e-day, 12 % note in granting Noah Carson a time extension on his past-due account receivable 2 Received payment of principal plus interest from Carson for the September 3 note. 5 Received payment of principal plus interest from Mulan for the August 7 note 1 Wrote off the Privet account against the Allowance for Doubtful Accounts May Aug Sep Nov Nov. Dec 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 entrles 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 recelvables as security for a loan from the bank, where on the financlal statements does It disclose this pledge of recelvables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 Accepted a $11,000, 60-day, 8 % note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits Date General Journal Debit Credit Dec 18 Complete this question by entering your answers in the tabs below Required 1A Required 1B Required 1C Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 4 2 3 10 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date General Journal Debit Credit Feb 14 Journal entry worksheet 5 6 7 89 10 2 3 1 4 Accepted a(n) $7,400, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. Note: Enter debits before credits General Journal Date Debit Credit Mar 02 Record entry Clear entry View general journal Journal entry worksheet 2 3 5 6 7 8 9 Accepted a(n) $7,850, 90-day, 12% note in granting a time extension on the past-due account receivable of Mulan Co. Note: Enter debits before credits. Date General Journal Debit Credit Aug 07 Record entry Clear entry View general journal 10 Journal entry worksheet
