The following transactions are from Ohm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $10,800, 60-day, 30 note in granting Danny Todd a time extension on his past due account receivable. at Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's paynent of principal and interest on the bote dated December 16. Mat.? Accepted a 56.100, 81, 90-day note in granting a tine extension on the past-due account receivable from Midnight Co. 17 Accepted a $2,400, 30-day, note in granting Ava Privet a tine extension on her pant-due account receivable. Apr 16 Privet dishonored her note. May 31 Midnight co. dishonored its note. Aag. 7 Accepted a 17.440, 90-day, 104 note in granting a time extension on the past due account receivable of Malan Co. Sop: Accepted a $2,100, 60-day, 101 note in granting Noah Caraon a time extension on his past-due account receivable Slov: 2 Heceived payment of principal plos interent from Carson for the September ) note. Nov 5 Received payment of principal plus interest from Mulan for the August 7 note. Dec 1 wrote ott 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 1-4. 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? Journal entry worksheet Accepted a $10,800, 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 Interracalushia Debit Credit Dec 16 nu Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Total through maturity Midnight Co. A. Privet Note Note - March - March 17, 2, Year 2 Year 2 Mulan Note - August 7, Year 2 N. Carson Note - September 3, Year 2 Principal Rate (%) Time Total interest Journal entry worksheet 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 Accepted a $6,100, 8%, 90-day note in granting a time extension on the past- due account receivable from Midnight Co. Note: Enter debits before credits. Date General Journal Dobit Credit Mar 02 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. Date Mar 17 General Journal Dobit Credit Journal entry worksheet 1 2 3 4 4 5 6 7 8 9 10 > Privet dishonored her note. Note: Enter debits before credits Date General Journal Debit Credit Apr 16 1 2 3 4 6 5 6 7 8 9 10 Midnight Co. dishonored its note. Note: Enter debits before credits Date General Journal Dobit Crodit May 31 Journal entry worksheet Accepted a $7,440, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Note: Enter debits before credits. Date General Journal Dobit Credit Aug 07 Received payment of principal plus interest from Carson for the September 3 note. Note: Enter debits before credits General Journal Date Nov 02 Debit Credit Received payment of principal plus interest from Mulan for the August 7 note. Note: Enter debits before credits. Date Nov 05 Goneral Journal Dobit Credit
