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Following are transactions of Danica Company. December 13 Accepted a $12,000, 45-day, 2% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $6,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 30-day, 6 % note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Amount Total Through Maturity Accrued at December 31 Interest Recognized January 27 Principal Rate (%) Time Total interest

Following are transactions of Danica Company. December 13 Accepted a $12,000, 45-day, 2% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $6,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 30-day, 6 % note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Amount Total Through Maturity Accrued at December 31 Interest Recognized January 27 Principal Rate (%) Time Total interest

Introductory Circuit Analysis (13th Edition)
Introductory Circuit Analysis (13th Edition)
13th Edition
ISBN:9780133923605
Author:Robert L. Boylestad
Publisher:Robert L. Boylestad
Chapter1: Introduction
Section: Chapter Questions
Problem 1P: Visit your local library (at school or home) and describe the extent to which it provides literature...
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Following are transactions of Danica Company. December 13 Accepted a $12,000, 45-day, 2% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $6,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 30-day, 6 % note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Amount Total Through Maturity Accrued at December 31 Interest Recognized January 27 Principal Rate (%) Time Total interest <M Lee Note Tomas Company Note >
Transcribed Image Text:Following are transactions of Danica Company. December 13 Accepted a $12,000, 45-day, 2% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $6,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 30-day, 6 % note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Amount Total Through Maturity Accrued at December 31 Interest Recognized January 27 Principal Rate (%) Time Total interest <M Lee Note Tomas Company Note >
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