The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $14, 600, 60-day, 7% note in granting Danny Todd a time extension on his past - due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7,600, 7%, 90-day note in granting a time extension on the past - due account receivable from Midnight Company. March 17 Accepted a $ 2,700, 30-day, 7% note in granting Ava Privet a time extension on her past - due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,050, 90-day, 11% note in granting a time extension on the past - due account receivable of Mulan Company. September 3 Accepted a $2,850, 60-day, 8% note in granting Noah Carson a time extension on his past - due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Use those calculated values to prepare your journal entries for Year 2 transactions. \table [[No, Date,General Journal,,Debit,Credit], [1, February 14, Cash,✓, 14, 723 x, ], [, Notes receivable-D. Todd,✓,, 14, 600vv
The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $14, 600, 60-day, 7% note in granting Danny Todd a time extension on his past - due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $7,600, 7%, 90-day note in granting a time extension on the past - due account receivable from Midnight Company. March 17 Accepted a $ 2,700, 30-day, 7% note in granting Ava Privet a time extension on her past - due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $7,050, 90-day, 11% note in granting a time extension on the past - due account receivable of Mulan Company. September 3 Accepted a $2,850, 60-day, 8% note in granting Noah Carson a time extension on his past - due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful Accounts. Use those calculated values to prepare your journal entries for Year 2 transactions. \table [[No, Date,General Journal,,Debit,Credit], [1, February 14, Cash,✓, 14, 723 x, ], [, Notes receivable-D. Todd,✓,, 14, 600vv
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Transcribed Image Text:Use those calculated values to prepare your journal entries for Year 2 transactions.
No
1
2
3
4
5
6
7
8
9
10
Date
February 14
March 02
March 17
April 16
May 31
August 07
September 03
November 02
November 05
December 01
Cash
Notes receivable-D. Todd
Interest revenue
Notes receivable-Midnight Company
Accounts receivable-Midnight Company
General Journal
Notes receivable-A. Privet
Accounts receivable-A. Privet
Accounts receivable-A. Privet
Notes receivable-A. Privet
Accounts receivable-Midnight Company
Notes receivable-Midnight Company
Notes receivable-Mulan
Accounts receivable-Mulan
Notes receivable-N. Carson
Accounts receivable-N. Carson
Cash
Notes receivable-N. Carson
Interest revenue
Cash
Notes receivable-Mulan
Interest revenue
Allowance for doubtful accounts
Accounts receivable-A. Privet
› › ›
✓
✓
✓
> >
33
✓
✓
✓
✓
33 3
✓
Debit
14,723 x
7,600
2,700
2,700 X
3
7,600 X
7,050
2,850
>
Credit
14,600
169 X
7,600
2,700✔
2,700
7,600
7,050
2,850
2,850 x
![The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $14, 600, 60-day, 7% note in
granting Danny Todd a time extension on his past - due account receivable. December 31 Made an adjusting entry to record the accrued interest
on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n)
$7,600, 7%, 90 - day note in granting a time extension on the past - due account receivable from Midnight Company. March 17 Accepted a $
2,700, 30-day, 7% note in granting Ava Privet a time extension on her past - due account receivable. April 16 Privet dishonored her note. May 31
Midnight Company dishonored its note. August 7 Accepted a(n) $7,050, 90 - day, 11% note in granting a time extension on the past - due
account receivable of Mulan Company. September 3 Accepted a $2,850, 60 - day, 8% note in granting Noah Carson a time extension on his past
- due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received
payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful
Accounts. Use those calculated values to prepare your journal entries for Year 2 transactions. \table [[No, Date,General Journal,,Debit,Credit],[1,
February 14, Cash,✓, 14, 723 ×, ], [, Notes receivable-D. Todd,✓,, 14, 600vv](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F21c4b608-ae68-44fe-acf0-9264cf93a3c8%2F5f76eb29-fa4c-4399-b139-b6b772d42ff0%2F84ij25a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16 Accepted a(n) $14, 600, 60-day, 7% note in
granting Danny Todd a time extension on his past - due account receivable. December 31 Made an adjusting entry to record the accrued interest
on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n)
$7,600, 7%, 90 - day note in granting a time extension on the past - due account receivable from Midnight Company. March 17 Accepted a $
2,700, 30-day, 7% note in granting Ava Privet a time extension on her past - due account receivable. April 16 Privet dishonored her note. May 31
Midnight Company dishonored its note. August 7 Accepted a(n) $7,050, 90 - day, 11% note in granting a time extension on the past - due
account receivable of Mulan Company. September 3 Accepted a $2,850, 60 - day, 8% note in granting Noah Carson a time extension on his past
- due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received
payment of principal plus interest from Mulan for the August 7 note. December 1 Wrote off the Privet account against the Allowance for Doubtful
Accounts. Use those calculated values to prepare your journal entries for Year 2 transactions. \table [[No, Date,General Journal,,Debit,Credit],[1,
February 14, Cash,✓, 14, 723 ×, ], [, Notes receivable-D. Todd,✓,, 14, 600vv
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