Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

whats blurry? what photo? i can read every photo just fine on my end. The following transactions are from Ohlm Company. (Use 360 days a

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
whats blurry? what photo? i can read every photo just fine on my end.
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $13,000, 60-day, 6% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Hade an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,900, 85, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $3,200, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $8,000, 90-day, 9% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2,790, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Hulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Required: 1-6. 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 Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1C Required 10 Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Interest Total Through Maturity Recognized December 311 Principal Rate (%) Time Total interest the interest armourLS 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 of receivables? 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 ca View transaction list Journal entry worksheet 1 2 Accepted a $13,000, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Date General Journali Debit December 16 Clear entry Record entry Credit View general journal Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1C Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations View transaction list Journal entry worksheet 1 > Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Clear entry View general journal 20 Record entry 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 Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity N. Carson Midnight Company Note March 2, Year 2 Note- September 3, 2017 Principal Rate (%) Time Total interest A. Privet Note - March 17, Year 2 Mulan Note. August 7, Year 2 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1C Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 8 9 10 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date General Journal Debit Credit February 14 View general journal Required 2 > Record e Purchases discounts Sales Sales discounts Sales returns and allowances Transportation in View transaction list Journal entry worksheet Journal entry worksheet Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Accounting

Authors: Steven M. Bragg

1st Edition

1642210773, 978-1642210774

More Books

Students also viewed these Accounting questions

Question

Explain the basic tax formula.

Answered: 1 week ago