November 1 Accepted a $10,000, 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 ournal entries. (Do not round intermediate calculations. Use 360 days a year.)
November 1 Accepted a $10,000, 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 ournal entries. (Do not round intermediate calculations. Use 360 days a year.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:November 1 Accepted a $10,000, 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 30tn and use those calculated values to prepare vour
journal entries. (Do not round intermediate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
Interest
General
Journal
Amounts
Use those calculated values to prepare your journal entries.
View transaction list
Journal entry worksheet
3
Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time
extension on her past-due account receivable.
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Transcribed Image Text:Following are transactions for Vitalo Company.
November 1 Accepted a $10,000, 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 360 days a year.)
Complete this question by entering your answers in the tabs below.
General
Journal
Interest
Amounts
Complete the table to calculate the interest amounts at December 31st and April 30th
Total Through
Maturity
November 1
Through
December 31
January 1
Through
April 30
Principal
Rate (%)
Time
Total interest
Amounts
General Journal >
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