Question

Following are selected transactions of Danica Company for 2016. Dec. 13 Accepted a $9,500, 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. Complete the table to calculate the interest amounts at December 31sf and use the calculated value to prepare your journal entries. Do not round your Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31St Interest Total Through Recognized MaturityDecember 31 Principal Rate (%) Time Total interest 8% 45/360

can somebody please help me with this , thank you

Answer 1

	Total through maturity	Interest recognized Dec 31
Principal	9500	9500
Rate(%)	8%	8%
Time	45/360	18/360
Total interest	95	38
Date	General Journal	Debit	Credit
16-Dec	Notes receivable—M. Lee	9,500
	Accounts receivable—M. Lee		9,500
31-Dec	Interest receivable	38
	Interest revenue		38