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. 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. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st. Interest Recognized December 31 Principal Rate (%) Time Total interest Total Through Maturity
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. 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. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st. Interest Recognized December 31 Principal Rate (%) Time Total interest Total Through Maturity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
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.
Interest
Amounts
General
Journal
Complete the table to calculate the interest amounts at December 31st.
Interest
Recognized
December 31
Principal
Rate (%)
Time
Total interest
Total Through
Maturity
4
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