Following are transactions of Danica Company.
Dec. 13 Accepted a $29,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Exercise 7-13 Notes receivable transactions LO P4
Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.
Mar. 3 Accepted a $23,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company.
17 Accepted a $21,000, 30-day, 8% 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 intermediate calculations. Use 360 days a year.)
To pass journal entries, interest amount need to be calculated.
Interest amount = Principal * Number of days of note / 365 * Interest rate on note
Interest accrued on note is credited to interest income and debited to interest receivable.
Dec. 13 Accepted a $29,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable.
Following are transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note Exercise 9-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13 . Mar. 3 Accepted a $ 5,000,10%, 90 -day note in granting a time extension on the past-due account receivable of Tomas Company.17...
2016 Dec. 13 Accepted a $20,000, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $14,000, 8%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted...
Following are selected transactions of Danica Company for 2017 and 2018 2017 Dec. 13 Accepted a $9,500, 45-day, note dated December 13 in granting Miranda Lee a time extension on her past due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the tee note. 2018 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. Accepted a $5,000, 105, 90-day note dated March 3 in granting a time extension...
Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $16,000, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $10,000, 8%, 90-day note dated March 3 in granting a time...
Following are transactions of Danica Company. Dec. 13 Accepted a $24,000, 45-day, 9% note in granting Miranda 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 intermediate calculations. Use 360 days a year.)General Journal:Record acceptance of a $24,000, 45-day, 9% note...
Chapter 9 Homework 0 Saved 11 Required information (The following information applies to the questions displayed below.) Part 2 of 2 Following are transactions of Danica Company. Dec. 13 Accepted a $12,000, 45-day, 8note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. points eBook Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted...
Following are transactions of Danica Company. Dec. 13 Accepted a $27,000, 45-day, 7% note in granting Miranda 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.
Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Accepted a $26,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $20,000, 8%, 90-day note...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $19,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December...
exercise 7-13 Check Det Revenue 838 Refer to the information in Exercise 7-11 and prepare the journal entries for the following selected trans actions of Danica Company for 2017 Exercise 7-12 Notes receivable transactions P4 2017 Check Tart a Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $5.000, 10%, 90-day note dated March 3 in granting a time extension on the past due account receivable of Tomas Company 17...