Question

UHURU CIELOUSOLUUTIS UI UOMO CUIDally Dec. 13 Accepted a $28,090, 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. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal en (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest General Journal Amounts Complete the table to calculate the interest amounts at December 313 Interest Total Through Recognized December 31 Maturity Principal Rate (%) Time Total interest General Journal > Next > 4 of 8 < Prey © ©) e here to search

Answer 1

Interest Total Through Recognized Maturity December 31 Principal 28,000 Rate(%) 10% Time 45 days Total interest $ 350.00 $ 140.00 ($ 28,000 * 10%)/360 days * ($ 350 / 45 days 45 days * 18 days) Credit Date 13-Dec Debit 28,000 $ $ 28,000 Account Title Note Receivable Accounts Receivable (To record acceptance of note receivable against accounts receivable) 31-Dec $ 140.00 Interest Receivable Interest Revenue (To record accrued interest) $ 140.00