Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $18,000, 45-day, 6% 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. www Interest Total Through Maturity Recognized December 31 Principal Rate (%) Time Total interest

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
Following are transactions of Danica Company.
December l3 Accepted a $18,000, 45-day, 6% 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
General
Amounts
Journal
Complete the table to calculate the interest amounts at December 31st.
Interest
Total Through
Maturity
Recognized
December 31
Principal
Rate (%)
Time
Total interest
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December l3 Accepted a $18,000, 45-day, 6% 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 General Amounts Journal Complete the table to calculate the interest amounts at December 31st. Interest Total Through Maturity Recognized December 31 Principal Rate (%) Time Total interest
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