The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $14,900, 60-day, 8% 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) $6,800, 8% , 90-day note in granting a time extension on the The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $14,900, 60-day, 8% 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) $6,800, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,300, 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) $8,700, 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, 12% 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. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $14,900, 60-day, 8% 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) $6,800, 8% , 90-day note in granting a time extension on the The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $14,900, 60-day, 8% 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) $6,800, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,300, 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) $8,700, 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, 12% 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. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format & Correct answer thank You

Transcribed Image Text:Use those calculated values to prepare your journal entries for Year 2 transactions.
View transaction list
Journal entry worksheet
<
1
2
Date
February 14
Note: Enter debits before credits.
Record entry
Show Transcribed Text
3
4
Received Todd's payment of principal and interest on the note dated December
16.
Show Transcribed Text
5
General Journal
Required 1A Required 1B Required 1C
The pledge of receivables is shown in the
Clear entry
Principal
Rate (%)
Time
Total interest
6
Required 1D.
Total Through
Maturity
3
Complete this question by entering your answers in the tabs below.
< Required 1D
7
Required 1A Required 1B Required 1C Required 1D Required 2
3
< Prev
1-c. First, complete the table below to calculate the interest amounts.
1-d. Use those calculated values to prepare your journal entries for Year 2 transactions.
2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge
of receivables?
< Required 1A
8
Required 2
Debit
Complete this question by entering your answers in the tabs below.
3
If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this
pledge of receivables?
Required 2 >
9
c
First, complete the table below to calculate the interest amount at December 31, Year 1.
Interest
Recognized
December 31
10
Credit
3 of 13
Required:
1-a. First, complete the table below to calculate the interest amount at December 31, Year 1.
1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions.
2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge
of receivables?
Required 18 >
View general journal
>
Next >

Transcribed Image Text:The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted
a(n) $14,900, 60-day, 8% 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) $6,800, 8%, 90-day note in granting a time extension on the
The following transactions are from Ohlm Company. (Use 360 days a year.)
Year 1
December 16 Accepted a(n) $14,900, 60-day, 8% 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) $6,800, 8%, 90-day note in granting a time extension on the past-due account receivable from
Midnight Company.
March 17 Accepted a $2,300, 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) $8,700, 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, 12% 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.
Required:
1-a. First, complete the table below to calculate the interest amount at December 31, Year 1.
1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions.
2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge
of receivables?
Show Transcribed Text
View transaction list
Required 1A Required 1B Required 1C Required 1D Required 2
Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round intermediate calculations.)
Journal entry worksheet
< 1
2
Note: Enter debits before credits.
Date
December
16
Accepted a $14,900, 60-day, 8% note in granting Danny Todd a time
extension on his past-due account receivable.
Show Transcribed Text
Required 1A Required 1B
General Journal
Principal
Rate (%)
Time
Total interest
S
Midnight
Company Note
- March 2, Year
2
c
S
Complete this question by entering your answers in the tabs below.
Total Through Maturity
Debit
A. Privet Note
March 17,
Year 2
Required 1C Required 1D Required 2
Ĉ
First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.)
Credit
>
Mulan Note -
N. Carson
Note-
August 7, Year September 3,
2017
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education