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(n) $10,600,60-day, 8\% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's paynent of principal and interest on the note dated Decenber 16. March 2 Accepted a(n) \$7,200, 8\%, 90-day note in granting a time extension on the past-due account receivable froin Midnight Company. March 17 Accepted a $2,70e, 30-day, 74 note in granting Ava Privet a time extension on her past-due account. receivable. April 16 Privet dishonored ber note. May 31 Midnight Conpany dishonored its note. August 7 Accepted a(n) $8,150,90-day, 10w note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a 52,348,60-day, 10z note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest fron Carson for the September 3 note. November 5 Recelved payment of principal plus interest, fron Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allawance 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 entrles for Year 2 transactions. 2. 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? 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 pledg. of recelvables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amount at December 31, Year 1 . se the calculated value to prepare your fournal entries for Year 1 transactions. (Do not round intermediate calculations.) Journal entry worksheet Accepted a 510,600,60-day, 8% note in granting Danny Todd a time extension on his past-due account recelvable. Notel fiter debits before credits. Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round interr Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. of receivables? Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Journal entry worksheet Received Todd's payment of principal and interest on the note dated December 16. Notet Enter debits before credits. Journal entry worksheet 6789 Accepted a(n)$7,200,8%,90-day note in granting a time extension on the past-due account recelvable from Midnight Company. Note: Enter debits before credits. Journal entry worksheet Accepted a(n)$2,700,30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Journal entry worksheet 1 Note: Enter debits before credits. Journal entry worksheet 1 Note: Enter debits before credits. Journal entry worksheet Accepted a(n)$8,150,90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. Note: Enter debits before credits. Journal entry worksheet Received payment of principal plus interest from Carson for the September 3 note. Note: Enter debits before credits. Journal entry worksheet Accepted a(n)$2,340,60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. Note: Enter debits before credits. lournal entry worksheet 1 Received payment of principal plus interest from Mulan for the August 7 note. Note: Enter debits before credits. Journal entry worksheet
