9 Following are transactions of Danica Company.December 13 Accepted a $16,000, 45-day, 2% note in granting Miranda Lee a time extension on her past-due accountreceivable.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 $10,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company.March 17 Accepted a $21,000, 30-day, 10 % 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 accountJune 1 Received the Tomas payment forComplete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not roundintermediate calculations. Use 360 days a year.)Complete this question by entering your answers in the tabs below.TomasGeneralJournalCompany NoteComplete the table to calculate the interest amounts.AmountAccrued atDecember 31M Lee Noteagainst the Allowance for Doubtful Accounts.principal and interest on the note dated March 3.PrincipalRate (%)TimeTotal interestH Cheng NoteTotal ThroughMaturityInterestRecognizedJanuary 27

Notes receivable refers to the notes accepted by the entity instead of the accounts receivable or…

Following are transactions of Danica Company. December 13 Accepted a $16,000, 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 $10,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company March 17 Accepted a $21,000, 30-day, 10% 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. (Do not rounc

Following are transactions of Danica Company. December 13 Accepted a $16,000, 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 $10,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company March 17 Accepted a $21,000, 30-day, 10% 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. (Do not rounc

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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