TThe following rmation appiles to the questions displayed belo Following are transactions of The Company. Dec. 13 Accepted a $28,e0e, 45-day, 7% note in granting M. Lee a time extension on her past-due account re 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 27 Received Lee's payment for principal and interest on the note dated December 13. 3 Accepted a $22,000, 8%, 98-day note in granting a time extension on the past-due account receivable of 17 Accepted a $20,0ee, 30-day, 10% note in granting H. Cheng a time extension on his past-due account rece 16 H. Cheng dishonored his note. 1 wrote off the H. Cheng account against the Allowance for Doubtful Accounts. e 1 Received the Tomas payment for principal and interest on the note dated March 3. mplete the table to calculate the interest amounts and use those calculated values to prepare your journal entr ermedlate calculatlons. Use 360 days a year.)
TThe following rmation appiles to the questions displayed belo Following are transactions of The Company. Dec. 13 Accepted a $28,e0e, 45-day, 7% note in granting M. Lee a time extension on her past-due account re 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 27 Received Lee's payment for principal and interest on the note dated December 13. 3 Accepted a $22,000, 8%, 98-day note in granting a time extension on the past-due account receivable of 17 Accepted a $20,0ee, 30-day, 10% note in granting H. Cheng a time extension on his past-due account rece 16 H. Cheng dishonored his note. 1 wrote off the H. Cheng account against the Allowance for Doubtful Accounts. e 1 Received the Tomas payment for principal and interest on the note dated March 3. mplete the table to calculate the interest amounts and use those calculated values to prepare your journal entr ermedlate calculatlons. Use 360 days a year.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Requlred Informatlon
[The following information applies to the questions displayed below.]
Following are transactions of The Company.
Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. Lee a time extension on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.
3 Accepted a $22,000, 8%, 9e-day note in granting a time extension on the past-due account receivable of Tomas Company.
Mar.
17 Accepted a $20,000, 30-day, 18% note in granting H. Cheng a time extension on his past-due account receivable.
Apr. 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
Intermedlate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
M Lee Note Tomas Co Note H Cheng Note
General
Journal
Complete the table to calculate the interest amounts.
Amount
Accrued at
December 31
Interest
Total Through
Maturity
Recognized
January 27
Principal
Rate (%)
Time
Total interest
< M Lee Note
Tomas Co Note >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2Fb742ab0d-c9c3-4507-9cb2-7f3e3f412cd0%2Fzmi3zpk_processed.png&w=3840&q=75)
Transcribed Image Text:Requlred Informatlon
[The following information applies to the questions displayed below.]
Following are transactions of The Company.
Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. Lee a time extension on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.
3 Accepted a $22,000, 8%, 9e-day note in granting a time extension on the past-due account receivable of Tomas Company.
Mar.
17 Accepted a $20,000, 30-day, 18% note in granting H. Cheng a time extension on his past-due account receivable.
Apr. 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
Intermedlate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
M Lee Note Tomas Co Note H Cheng Note
General
Journal
Complete the table to calculate the interest amounts.
Amount
Accrued at
December 31
Interest
Total Through
Maturity
Recognized
January 27
Principal
Rate (%)
Time
Total interest
< M Lee Note
Tomas Co Note >
![Requlred Informatlon
[The following information applies to the questions displayed below.]
Following are transactions of The Company.
Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. Lee a time extension on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.
(Do not round your Intermedlate calculatlons. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
General
Journal
Interest
Amounts
Complete the table to calculate the interest amounts at December 31".
Interest
Total Through Recognized
Maturity
December 31
Principal
Rate (%)
Time
Total interest
Interest Amounts
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2Fb742ab0d-c9c3-4507-9cb2-7f3e3f412cd0%2Fsk7hj1t_processed.png&w=3840&q=75)
Transcribed Image Text:Requlred Informatlon
[The following information applies to the questions displayed below.]
Following are transactions of The Company.
Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. Lee a time extension on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.
(Do not round your Intermedlate calculatlons. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
General
Journal
Interest
Amounts
Complete the table to calculate the interest amounts at December 31".
Interest
Total Through Recognized
Maturity
December 31
Principal
Rate (%)
Time
Total interest
Interest Amounts
General Journal >
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