Following are transactions for Vitalo Company. November 1 Accepted a $13,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account rece. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepa journal entries. (Do not round intermediate calculations. Use 365 days a year.) Complete this question by entering your answers in the tabs below. Interest General
Following are transactions for Vitalo Company. November 1 Accepted a $13,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account rece. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepa journal entries. (Do not round intermediate calculations. Use 365 days a year.) Complete this question by entering your answers in the tabs below. Interest General
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Following are transactions for Vitalo Company.
November 1 Accepted a $13,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable.
December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.
April 30 White honored her note when presented for payment.
Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your
journal entries. (Do not round intermediate calculations. Use 365 days a year.)
Complete this question by entering your answers in the tabs below.
Interest
Amounts
Use those calculated values to prepare your journal entries.
View transaction list
No
General
Journal
1
2
Date
View journal entry worksheet
November 01
December 31
General Journal
Notes receivable-K White
Accounts receivable-K White
Interest receivable
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H
Debit
13,000
143
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Credit
13,000
X
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