December 13 Accepted a $16, 000, 45-day, 6% note in granting Miranda Lee a time extension on her past-du account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-18 (Algo) Notes receivable transactions LO C2 Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal en (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below.
December 13 Accepted a $16, 000, 45-day, 6% note in granting Miranda Lee a time extension on her past-du account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-18 (Algo) Notes receivable transactions LO C2 Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal en (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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