Use the following information for the Exercises 18-19 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.]

Following are transactions of Danica Company.

December 13	Accepted a $28,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable.
December 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 December 13.
March 3	Accepted a $22,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company.
March 17	Accepted a $18,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable.
April 16	H. Cheng dishonored his note.
May 1	Wrote 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 entries.

Note: Do not round intermediate calculations. Use 360 days a year.

Complete this question by entering your answers in the tabs below. Complete the table to calculate the interest amounts. Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. Journal entry worksheet 2 3 4 5 6 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. Journal entry worksheet 2 3 4 5 6 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. Journal entry worksheet Accepted a $22,000,6%,90-day note in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. Journal entry worksheet Accepted a $18,000,30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits. Journal entry worksheet H. Cheng dishonored his note. Note: Enter debits before credits. Journal entry worksheet 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. Note: Enter debits before credits. Journal entry worksheet 1 2 3 Received the Tomas payment for principal and interest on the note dated March 3. Note: Enter debits before credits