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[The following information applies to the questions displayed below.] Following are transactions of Danica Company.

Dec.		13		Accepted a $11,000, 45-day, 9% note in granting Miranda Lee a time extension on her past-due account receivable.
		31		Prepared an adjusting entry to record the accrued interest on the Lee note.

Complete the table to calculate the interest amounts at December 31^st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)

Complete this question by entering your answers in the tabs below.

• Interest Amounts
• General Journal

Complete the table to calculate the interest amounts at December 31^st.

	Interest Total Through Recognized Maturity December 31 Principal $11,000 Rate (%) 9% Time 45/360 Total interest

Journal entry worksheet

Record acceptance of a $11,000, 45-day, 9% note in granting Miranda Lee a time extension on her past-due account receivable

Note: Enter debits before credits.

Prepare an adjusting entry to record the accrued interest on the Lee note.

	Date General Journal Debit Credit Dec 13

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