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Required information. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 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. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $8,000, 68, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 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 round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Tomas M Lee Note Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Amount Accrued at December 31 Principal Interest Recognized January 27 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 intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Total Through Maturity Complete the table to calculate the interest amounts. Interest Recognized January 27 Amount Accrued at December 31. Principal Rate (%) Time Total interest

Required information. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 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. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $8,000, 68, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 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 round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Tomas M Lee Note Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Amount Accrued at December 31 Principal Interest Recognized January 27 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 intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Total Through Maturity Complete the table to calculate the interest amounts. Interest Recognized January 27 Amount Accrued at December 31. Principal Rate (%) Time Total interest

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 5P
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Required information. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 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. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $8,000, 68, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 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 round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Tomas M Lee Note Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Amount Accrued at December 31 Principal Interest Recognized January 27
Transcribed Image Text:Required information. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 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. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $8,000, 68, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 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 round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Tomas M Lee Note Company Note H Cheng Note General Journal Complete the table to calculate the interest amounts. Total Through Maturity Amount Accrued at December 31 Principal Interest Recognized January 27
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 intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Total Through Maturity Complete the table to calculate the interest amounts. Interest Recognized January 27 Amount Accrued at December 31. Principal Rate (%) Time Total interest <M Lee Note Tomas Company Note >
Transcribed Image Text: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 intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. M Lee Note Tomas Company Note H Cheng Note General Journal Total Through Maturity Complete the table to calculate the interest amounts. Interest Recognized January 27 Amount Accrued at December 31. Principal Rate (%) Time Total interest <M Lee Note Tomas Company Note >
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