December 13 Accepted a $16, 000, 45-day, 6% note in granting Miranda Lee a time extension on her past-du account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-18 (Algo) Notes receivable transactions LO C2 Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal en (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below.

December 13 Accepted a $16, 000, 45-day, 6% note in granting Miranda Lee a time extension on her past-du account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-18 (Algo) Notes receivable transactions LO C2 Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal en (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below.

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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