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The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December...

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Accounting

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $11,500, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todds payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7,700, 8%, 90-day note in granting a time extension

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