31 Prepared an adjusting entry to record the accrued interest on the Lee note. (Algo) Notes receivable transactions LO P4 eived Lee's payment for principal and interest on the note dated December 13. epted a $18,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas pany. epted a $15,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account eivable. Cheng dishonored his note. te off the H. Cheng account against the Allowance for Doubtful Accounts. eived the Tomas payment for principal and interest on the note dated March 3. ble to calculate the interest amounts and use those calculated values to prepare your journal entries. und intermediate calculations. Use 360 days a year.
31 Prepared an adjusting entry to record the accrued interest on the Lee note. (Algo) Notes receivable transactions LO P4 eived Lee's payment for principal and interest on the note dated December 13. epted a $18,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas pany. epted a $15,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account eivable. Cheng dishonored his note. te off the H. Cheng account against the Allowance for Doubtful Accounts. eived the Tomas payment for principal and interest on the note dated March 3. ble to calculate the interest amounts and use those calculated values to prepare your journal entries. und intermediate calculations. Use 360 days a year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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