Can I please get help with this question?(5.5) Year 1 December 16 Accepted a(n) $13,600, 60-day, 7% 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 Todd’s payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,600, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,000, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,150, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 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, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest ournal entry worksheet Accepted a $13,600, 60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit December 16 Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. Date General Journal Debit Credit December 31 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity Midnight Company Note - March 2, Year 2 A. Privet Note - March 17, Year 2 Mulan Note - August 7, Year 2 N. Carson Note - September 3, 2017 Principal Rate (%) Time Total interest Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Received Todd’s payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date General Journal Debit Credit February 14

Can I please get help with this question?(5.5) Year 1 December 16 Accepted a(n) $13,600, 60-day, 7% 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 Todd’s payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,600, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,000, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,150, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 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, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest ournal entry worksheet Accepted a $13,600, 60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit December 16 Journal entry worksheet Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. Date General Journal Debit Credit December 31 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.) Total Through Maturity Midnight Company Note - March 2, Year 2 A. Privet Note - March 17, Year 2 Mulan Note - August 7, Year 2 N. Carson Note - September 3, 2017 Principal Rate (%) Time Total interest Use those calculated values to prepare your journal entries for Year 2 transactions. Journal entry worksheet Received Todd’s payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date General Journal Debit Credit February 14

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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December 16	Accepted a(n) $13,600, 60-day, 7% 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.

February 14	Received Todd’s payment of principal and interest on the note dated December 16.
March 2	Accepted a(n) $6,600, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company.
March 17	Accepted a $2,000, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable.
April 16	Privet dishonored her note.
May 31	Midnight Company dishonored its note.
August 7	Accepted a(n) $7,150, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company.
September 3	Accepted a $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account receivable.
November 2	Received payment of principal plus interest from Carson for the September 3 note.
November 5	Received payment of principal plus interest from Mulan for the August 7 note.
December 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, Year 1.

1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions.

2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

First, complete the table below to calculate the interest amount at December 31, Year 1.

	Total Through Maturity	Interest Recognized December 31
Principal
Rate (%)
Time
Total interest

ournal entry worksheet

Accepted a $13,600, 60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 16

Journal entry worksheet

Made an adjusting entry to record the accrued interest on the Todd note.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31

First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.)

	Total Through Maturity
	Midnight Company Note - March 2, Year 2	A. Privet Note - March 17, Year 2	Mulan Note - August 7, Year 2	N. Carson Note - September 3, 2017
Principal
Rate (%)
Time
Total interest

Use those calculated values to prepare your journal entries for Year 2 transactions.

Journal entry worksheet

Received Todd’s payment of principal and interest on the note dated December 16.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
February 14

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