70.2K

Verified Solution

Link Copied!

Following are transactions of Danica Company: December 13 Accepted a $18,000,45-day, 10x note in granting Miranda Lee a time extension on ber past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 9-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a \$12, 000,6%,90-day note-in granting o time extension on the past-due account receivable of Tonas Company. March 17 Accepted a $18,000, 39-day, is note in granting H. Cheng o tine extension on his past-due account receivable. Aprill 16H. Chens dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas paynent for principal and interest on the note dated March 3. Comptete the tabte to catcutate the interest amounts and use those catcutated values to prepare your joumal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete the table to calculate the interest amounts. Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. Complete this question by entering your answers in the tabs below. First, complete the table below to calculate the interest amounts. Use those calculated values to prepare your journal entries. Journal entry worksheet 4256 Recelved tee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Nota: Enter debits before credits

Answer & Explanation Solved by verified expert

See Answer