90.2K

Verified Solution

Link Copied!

Exercise 7-13 Honoring a note LO P4 Following are selected transactions for Vitalo Company. Nov. 1 Accepted a $15, eee, 18-day, 7% note dated November 1 from Kelly white in granting a time extension on her past-due account receivable Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. se white honored her note when presented for payment; February has 28 days for the current year. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries (assume that no reversing entries are recorded). (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Complete the table to calculate the interest amounts at December 31" and April 30th, November 1 January 1 Total Through Through Through Maturity December 31 April 30 Principal Rate(%) Time Total interest General Journal > Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Use those calculated values to prepare your journal entries (assume that no reversing entries are recorde View transaction list Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer