Question

PLEASE HELP WITH THE FINAL TABLE. thanks!!

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $11,500, 60-day, 7% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a(n) $6,400, 7%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $2,600, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a(n) $8,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $2,330, 60-day, 9% note in granting Noah Carson a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. Nov. 5 Received payment of principal plus interest from Mulan for the August 7 note. Dec. 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. 11-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?

Answer 1

D.Todd note-December 16,2012
		total	interest
		through	recognized
		maturity	31-Dec
Principal		11,500	11,500
Rate(%)		7%	7%
time		60/360	15/360
total interest		134	34
Date	General journal				Debit	credit
2016
16-Dec	Note receivable				11,500
	Account receivable					11,500
31-Dec	interest receivable				34
	interest revenue					34
		Midnight	privet	Mulan		carson
		2-Mar	17-Mar	7-Aug		3-Sep
		2018	2018	2018		2018
Principal		6,400	2,600	8,900		2,330
Rate(%)		7%	7%	10%		9%
time		90/360	30/360	90/360		60/360
total interest		112	15	223		35

Date	General journal				Debit	credit
2017
14-Feb	Cash				11634
	interest revenue					101
	Note receivable-T Todd					11,500
	interest receivable					34
2-Mar	Note receivable				6,400
	Account receivable-Midnight co					6,400
17-Mar	Note receivable				2,600
	Account receivable-Privet					2,600
16-Apr	Account receivable-privet				2,615
	note receivable					2,600
	interest revenue					15
31-May	Account receivable-Midnight				6,512
	note receivable					6,400
	interest revenue					112
7-Aug	Note receivable				8,900
	account receivable-Mulan Co					8,900
3-Sep	Note receivable				2,330
	account receivable-Carson					2,330
2-Nov	cash				2,365
	note receivable-carson					2,330
	interest revenue					35
5-Nov	cash				9,123
	note receivable-mulan					8,900
	interest revenue					223
1-Dec	Allowance for Doubtful accounts				2,615
	Account receivable-privet					2,615