50.1K

Verified Solution

Link Copied!

The following selected transactions are from Ohm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $14,500, 60-day, 6% note dated this day 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. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $7,700, 6%, 90-day note dated this day in granting a time extension on the past due account receivable from Midnight co. 17 Accepted a(n) $2,300, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note when presented for payment. May 31 Midnight co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable. July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 6x Aug. 7 Accepted a(n) 59,000, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) 3,130, 60-day, 9 note dated this day in granting Noah Carson a time extension on his past-due account receivable. NOV. 2 Received payment of principal plus interest from Carson for the September 3 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 Required: 1-a. First, complete the table below to calculate the interest amount at December 31, 2016 1-b. Use the calculated value to prepare your journal entries for 2016 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 2017 transactions Required: 1-a. First, complete the table below to calculate the interest amount at December 31, 2016. 1-b. Use the calculated value to prepare your journal entries for 2016 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 2017 transactions. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 1D First, complete the table below to calculate the interest amount at December 31, 2016. Total Through Maturity Interest Recognized December 31 Principal Rate(%) Time Total interest Required 1A Required 1B Required 1C Required 1D Use the calculated value to prepare your journal entries for 2016 transactions. View transaction list Journal entry worksheet Accepted a $14,500, 60-day, 6% note dated this day in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits Date General Journal Debit Credit Dec 16 Record entry Clear entry View general journal Required 1A Required 1B Required 1C Required 1D Use the calculated value to prepare your journal entries for 2016 transactions. View transaction list Journal entry worksheet Required 1A Required 1B Required IC Required 1D Use those calculated values to prepare your journal entries for 2017 transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ... 1 Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits Date General Journal Debit Credit Feb 14 Record entry Clear entry View general journal View transaction list Journal entry worksheet