The following selected transactions are from Ohlm Company. (Use 360 days a year.)**2016:**- **Dec. 16:** Accepted a $12,000, 60-day, 7% note dated this day in granting Danny Todd a time extension on his past-due account receivable.- **Dec. 31:** Made an adjusting entry to record the accrued interest on the Todd note.**2017:**- **Feb. 14:** Received Todd's payment of principal and interest on the note dated December 16.- **Mar. 2:** Accepted a $6,500, 7%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co.- **Mar. 17:** Accepted a $3,200, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable.- **Apr. 16:** Privet dishonored her note when presented for payment.- **May 31:** Midnight Co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable.- **July 16:** Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 7%.- **Aug. 7:** Accepted a $7,450, 90-day, 8% note dated this day in granting a time extension on the past-due account receivable of Mulan Co.- **Sep. 3:** Accepted a $2,700, 60-day, 10% note dated this day in granting Noah Carson a time extension on his past-due account receivable.- **Nov. 2:** Received payment of principal plus interest from Carson for the September 3 note.- **Nov. 5:** Received payment of principal plus interest from Mulan for the August 7 note.- **Dec. 1:** Wrote off the Privet account against the Allowance for Doubtful Accounts.**Required:**1-a. First, complete the table below to calculate the interest amount at December 31, 2016.1-b. Use the calculated value to prepare your journal entries for 2016 transactions.1-c. First To complete the calculation of the interest amount as of December 31, 2016, fill out the table below:| | Total Through Maturity | Interest Recognized December 31 ||-------------------------|------------------------|---------------------------------|| **Principal** | | || **Rate (%)** | | || **Time** | | || **Total interest** | | |This table is designed to help calculate the interest over the maturity period and determine the interest recognized by the specified date. The sections for "Principal," "Rate (%)," "Time," and "Total interest" need to be filled out to complete this calculation.Additionally, there are navigation buttons labeled "Required 1A" and "Required 1B" indicating different sections or tasks to be completed.

“Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for you. To get remaining sub-part solved please repost the complete question and mention the sub-parts to be solved.”1-a. Formulas:1-b.1-c. Formulas:

The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16 Accepted a $12,00e, 60-day, 7% note dated this day in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. 2 Accepted a(n) $6,500, 7%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $3,200, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable. Mar. Apr. 16 Privet dishonored her note when presented for payment. 31 Midnight Co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable. May July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 7%. Aug. 7 Accepted a(n) $7,450, 90-day, 8% note dated this day in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a (n) $2,700, 60-day, 10% note dated this day in granting Noah Carson a time extension on his past-due account receivable. 2 Received payment of principal plus interest from Carson for the September 3 note. 5 Received payment of principal plus interest from Mulan for the August 7 note. 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Nov. Nov. Dec. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, 2016. 1-b. Use the calculated value to prepare your journal entries for 2016 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for 2017 transactions.

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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