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The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $14,300, 60-day, 9: 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) $6,900, 98, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $2,400, 30-day, 78 note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug . 7 Accepted a(n) $8, 450, 90-day, 11t note in granting a time extension on the past-due account receivable of Mulan Co. Sep . 3 Accepted a(n) $2,280, 60-day, 91 note in granting Noah Carson a time extension on his past-due account receivable. Nov . 2 Received payment of principal plus interest from Carson for the September 3 note. Nov 5 Received payment of principal plus interest from Mulan for the August 7 note. Dec . 1 Wrote off 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-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? x Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A R Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Total Interest Through Recognized Maturity December 31 Principal $ 14,300 $ 14,300 Rate (%) 9% 0% X Time 60/360 15/360 Total interest $ $ O X Required 1A Required 1B >x Answer is not complete. 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.) No Date General Journal Debit Credit 1 Dec 16 Notes receivable-D. Todd 14,300 Accounts receivable-D. Todd 14,300 2 Dec 31 Interest receivable O X Interest revenue X x Answer is not complete. 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 amounts. (Do not round intermediate calculations.) Total Through Maturity Midnight A. Privet Co. Note - Note - Mulan Note Midnight N. Carson March 2, March 17, - August 7, Co. Note - Note - May 31, September Year 2 Year 2 Year 2 Year 2 3, 2017 Principal 6,900 $ 2,400 $ 8,450 $ OX $ 2,280 Rate (%) 9% 7% V 11% 0% X 9% Time 90/360 30/360 90/360 90/360 X 60/360 Total interest O X $ O X $ O X $ Ox $ O X Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. No Date General Journal Debit Credit Feb 14 Cast Interest revenue Interest receivable Notes receivable-D. Todd 2 Mar 02 Notes receivable-Midnight Co Accounts receivable-Midnight Co 3 Mar 17 Notes receivable-A. Privet O Accounts receivable-A. Privet Apr 16 Accounts receivable-A. Privet Interest revenue Notes receivable-A. Privet 5 May 31 Accounts receivable-Midnight Co O Interest revenue Notes receivable-Midnight Co B Aug 07 Notes receivable-Mulan Accounts receivable-Mulan 7 Sep 03 Notes receivable-N. Carson Accounts receivable-N. Carson 8 Nov 02 Cash Interest revenue O Notes receivable-N. Carson O Nov 05 Cash O Interest revenue Notes receivable-Mulan Dec 01 Allowance for doubtful accounts Accounts receivable-A. Privet Required 1C Required 2 >
