Question

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.

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 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. Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $10,000, 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.) Answer is not complete.

I need help filling this chart out. I typed 0 as place keepers.

Answer 1

Credit General Journal Debit Date Cash Jan. 27 18,180 Interest Receivable ($18,000 8% *18/360) 72. Notes Receivable-M. Lee 18,000 Interest Revenue ($18,000* 8%* 27/360) Notes Receivable-Tomas Co. 108 Mar. 03 12,000 Accounts Receivable-Tomas Co. 12,000 Notes Receivable-H. Cheng Mar. 17 10,000 Accounts Receivable-H. Cheng 10,000 Accounts Rece ivable-H. Cheng Apr. 16 10,066 Notes Receivable-H. Cheng 10,000 Interest Revenue ($10,000* 8% * 30/360) 66 Allowance for Doubtful Accounts Мay 01 10,066 Accounts Receivable-H. Cheng 10,066 Cash June 01 12,180 Notes Receivable-Tomas Co. 12,000 Interest Revenue 180