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Required information Use the following information for the Exercises 18-19 below. (Algo) [The following information appiles to the questions displayed below) Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 8 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. Exercise 7-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $10,000, 0%, 90-day note in granting a tine extension on the past-due account receivable of Tonas Company. March 17 Accepted a $15,000, 30-day, 6% note in granting H. Cheng a tine 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 Tenas payment for principal and interest on the note deted March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Tomes M Lee Note Company Note Cheng Note General Joumal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate (5) Time Total interest Tomas Company Hote

Required information Use the following information for the Exercises 18-19 below. (Algo) [The following information appiles to the questions displayed below) Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 8 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. Exercise 7-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $10,000, 0%, 90-day note in granting a tine extension on the past-due account receivable of Tonas Company. March 17 Accepted a $15,000, 30-day, 6% note in granting H. Cheng a tine 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 Tenas payment for principal and interest on the note deted March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Tomes M Lee Note Company Note Cheng Note General Joumal First, complete the table below to calculate the interest amounts. Total Through Maturity Principal Rate (5) Time Total interest Tomas Company Hote

FINANCIAL ACCOUNTING
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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Required information. Use the following information for the Exercises 18-19 below. (Algo) [The following information applies to the questions displayed below) Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 8 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. Exercise 7-19 (Algo) Notes receivable transactions LO P4 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 tine extension on the past-due account receivable of Tons Company March 17 Accepted a $15,000, 30-day, 6% note in granting H. Cheng a tine 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 Tenas payment for principal and interest on the note deted March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Tomes M Lee Note Company Note H Cheng Note General Journal First, complete the table below to calculate the interest amounts. Principal Rate (%) Time Total interest Total Through Maturky Tomas Company General Journal >
Transcribed Image Text:Required information. Use the following information for the Exercises 18-19 below. (Algo) [The following information applies to the questions displayed below) Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 8 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. Exercise 7-19 (Algo) Notes receivable transactions LO P4 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 tine extension on the past-due account receivable of Tons Company March 17 Accepted a $15,000, 30-day, 6% note in granting H. Cheng a tine 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 Tenas payment for principal and interest on the note deted March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Tomes M Lee Note Company Note H Cheng Note General Journal First, complete the table below to calculate the interest amounts. Principal Rate (%) Time Total interest Total Through Maturky Tomas Company General Journal >
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