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Year 1 Dee. 16 Accepted a $12, 600, 60-day, 6 note in granting Danny Todd a time extension on his past-due account receivable. 31 Made
Year 1 Dee. 16 Accepted a $12, 600, 60-day, 6 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 arn) $6,700, 61, 90-day note in granting a tine extension on the pant-due account receivable from Midnight Co. 17 Accepted a(n) $2,300, 30-day, 7 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) $8,600, 90-day, 129 note in granting a time extencion on the past-duo account receivable of Mulan Co. Sep. 3 Accepted a(n) $3,330, 60-day, 128 note in granting Noah Carson a time extension on his past-due account receivable. 2 Received payment of principal plus interest from Carson for the September ) 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. Nov. 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 this pledge of receivables
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