Use the following information for the Exercises below. Algo
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The following information applies to the questions displayed below.
Following are transactions of Danica Company.
December Accepted a $day, note in granting Miranda Lee a time extension on her pastdue account receivable.
December Prepared an adjusting entry to record the accrued interest on the Lee note.
Exercise Algo Notes receivable transactions LO P
January Received Lee's payment for principal and interest on the note dated December
March Accepted a $day note in granting a time extension on the pastdue account receivable of Tomas Company.
March Accepted a $day, note in granting H Cheng a time extension on his pastdue account receivable.
April H Cheng dishonored his note.
May Wrote off the H Cheng account against the Allowance for Doubtful Accounts.
June Received the Tomas payment for principal and interest on the note dated March
