Question

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Check my work 2016 Dec. 16 Accepted a $14,700, 60-day, 98 note dated this day 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. 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 Accepted ain) $6,700, 91, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $3,800, 30-day, 75 note dated this day in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note when presented for payment. May 31 Midnight Co. refused to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable. July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 98. Aug. 7 Accepted a(n) $7,100, 90-day, 118 note dated this day in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a(n) $3,040, 60-day, 118 note dated this day 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 J note. Nov. S 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, 2016. 1-b. Use the calculated value to prepare your journal entries for 2016 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 2017 transactions. < Prev 3 of 3 Next >

Answer 1

Answer,' . * Accepted a $ 14,700 at 6o-day * It is note dated this day in : granting danny Todd a time t. It is past due account je ceiveble: + Percentage 6%. Na + it is adjusting entry to record * The accured interest on the Todd note. * first complete the table below - The calculate the interest amount - at Decembler 31 2016

Total through- maturity. 14,700 Principal Oy 323 Rate 360 6 Total 60 Time 1323 . . Total interest 220-5 E Interest recognized December 31 14700 Principle - 99. Rate 1,323 Time = 360/15 3. 22.5. "323 22.5. Total interest 58.88