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Year 1 December 1 6 Accepted a ( n ) $ 1 4 , 3 0 0 , 6 0 - day, 8 8 note
Year
December Accepted $day, note in granting Danny Todd a time extension on his pastdue account receivable.
December Made an adjusting entry to record the accrued interest on the Todd note.
Year
February Received Todd's payment of principal and interest on the note dated December
March Accepted $day note in granting a time extension on the pastdue account receivable from Midnight Company.
March Accepted a $day, note in granting Ava Privet a time extension on her pastdue account receivable.
April Privet dishonored her note.
May Midnight Company dishonored its note.
August Accepted $day, note in granting a time extension on the pastdue account receivable of Mulan Company.
September Accepted a $day, note in granting Noah Carson a time extension on his pastdue account receivable.
November Received payment of principal plus interest from Carson for the September note.
November Received payment of principal plus interest from Mulan for the August note.
December Wrote off the Privet account against the Allowance for Doubtful Accounts.
Required:
a First, complete the table below to calculate the interest amount at December Year
b Use the calculated value to prepare your journal entries for Year transactions.
c First, complete the table below to calculate the interest amounts.
d Use those calculated values to prepare your journal entries for Year transactions.
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?
Complete this question by entering your answers in the tabs below.
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Required B
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Required D
Use those calculated values to prepare your journal entries for Year transactions.
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