M.Lee Note | |||||||
total | Amount | interest | |||||
through | accrued at | Recognized | |||||
Maturity | 31-Dec | 27-Jan | |||||
Principal | 24,000 | 24,000 | 24,000 | ||||
Rate(%) | 7% | 7% | 7% | ||||
time | 45/360 | 18/360 | 27/360 | ||||
total intt | 210 | 84 | 126 | ||||
Tomas co Note | |||||||
total | |||||||
through | |||||||
Maturity | |||||||
Principal | 18,000 | ||||||
Rate(%) | 8% | ||||||
time | 90/360 | ||||||
total intt | 360 | ||||||
H.Cheng note | |||||||
total | |||||||
through | |||||||
Maturity | |||||||
Principal | 16,000 | ||||||
Rate(%) | 8% | ||||||
time | 30/360 | ||||||
total intt | 107 | ||||||
Journal Entries | |||||||
Date | General Journal | Debit | Credit | ||||
2016 | |||||||
13-Dec | Note receivable | 24,000 | |||||
Accounts receivable | 24,000 | ||||||
31-Dec | interest receivable | 84 | |||||
interest income | 84 | ||||||
2017 | |||||||
27-Jan | Cash | 24,210 | |||||
interest receivable | 84 | ||||||
interest income | 126 | ||||||
Note receivable -M lee | 24,000 | ||||||
3-Mar | Note receivable | 18,000 | |||||
Account receivable-Tomas | 18,000 | ||||||
17-Mar | Note receivable | 16,000 | |||||
Account receivable-H.Cheng | 16,000 | ||||||
16-Apr | Account receivable-H.Cheng | 16,107 | |||||
interest income | 107 | ||||||
note receivable | 16,000 | ||||||
1-May | Allowance for Doubtful Accounts | 16,107 | |||||
Accounts receivable-H.Cheng | 16,107 | ||||||
1-Jun | Cash | 18,360 | |||||
interest income | 360 | ||||||
note receivable-tomas | 18,000 | ||||||
ROBLEMS - CHAPTER 7 6 Help Required information (The following information applies to the questions displayed...
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...
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...
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...
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 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...
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...
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...
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...
Exercise 7-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017 points 2016 Dec. 13 Nocepted a $16,000, 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 acerued interest on the Lee note. look 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. Accepted a 510,000, 81, 90-day...
Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. I already filled out the other charts. It still says "not complete" so I must be missing a tab in the journals. I need help filling this chart out. I typed 0 as place keepers. Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 8% note in granting...