Both parts pls! !Required information[The following information applies to the questions displayed below.]Following are transactions of Danica Company.December 13 Accepted a $14,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-dueaccount receivable.December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.(Do not round your intermediate calculations. Use 360 days a year.)Complete this question by entering your answers in the tabs below.InterestAmountsGeneralJournalComplete the table to calculate the interest amounts at December 31st.InterestRecognizedDecember 31PrincipalRate (%)TimeTotal interestTotal ThroughMaturity< Interest AmountsGeneral Journal > Required information[The following information applies to the questions displayed below.]Following are transactions of Danica Company.December 13 Accepted a $14,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-dueaccount receivable.December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.(Do not round your intermediate calculations. Use 360 days a year.)Complete this question by entering your answers in the tabs below.InterestAmountsUse the calculated value to prepare your journal entries.GeneralJournalView transaction listJournal entry worksheet12Record acceptance of a $14,000, 45-day, 4% note in granting Miranda Lee atime extension on her past-due account receivable.DateDecember 13Note: Enter debits before credits.General JournalDebitCredit

Notes is the liability for the company on which a specific percentage of interest has to be paid by the company. The interest is considered as expense for the company issuing note. Calculation of interest amount: Therefore, the total interest through maturity is $70 and interest recognized at December 31 is $28. Calculation: Journal entries of the company:

Business

Accounting

Following are transactions of Danica Company. December 13 Accepted a $14,000, 45-day, 4% 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.

Following are transactions of Danica Company. December 13 Accepted a $14,000, 45-day, 4% 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is busd What is xrp How they works
Define Profi t and loss (P&L) statement
What is a double-entry? Give an example?
Concept of Reconcilation statement with an example .
5) Explain why we de-lever and re-lever the PL.
*Question:- r what is anticulation of the Pinarcial statement meons Elaborate.
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
both a and b
Any update on D,E,F
ne NPV of go ərket..(Do nc ID
dinghe frieThe wdh d