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Following are transactions of Danica Company. December 13 Accepted a $18,830,45-day, B% note in granting Miranda Lee a time extension on her past-due account receivable.
Following are transactions of Danica Company. December 13 Accepted a $18,830,45-day, B% note in granting Miranda Lee a time extension on her past-due account receivable. Decerber 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 9-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated Decenber 13. March 3 Accepted a $12,838,6%, 9e-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a \$12,830, 36-day, 8% note in granting H. Cheng a time extension on his past-due account receivable. April 16H. Cheng dishonored his note. May 1 whote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the Interest amounts and use those calculated values to prepare your journal entrles. (Do not Intermedlate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Use those calculated values to prepare your journal entries. Journal entry worksheet 256 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Note: Enter debits before credits
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