please answer 1A and 1C only The following transactions are from Ohlm Company. (Use 360 days a year.)Year 1December 16 Accepted a $10,800, 60-day, 81 note in granting Danny Todd a time extension on his past-due accountreceivable.December 31 Made an adjusting entry to record the accrued interest on the Todd note.Year 2February 14 Received Todd's payment of principal and interest on the note dated Decenber 16.March 2 Aocepted a $6,100, 8s, 90-day note in granting a time extension on the past-due account receivable fromMidnight Company.March 17 Accepted a $2,400, 30-day, 7 note in granting Ava Privet a tine extension on her past-due accountreceivable.April 16 Privet dishonored her note.May 31 Midnight Company dishonored its note.August 7 Accepted a $7,440, 90-day, 10 note in granting a tine extension on the past-due account receivable of MulanСопpany.September 3 Accepted a $2,100, 60-day, 104 note in granting Noah Carson a time extension on his past-due accountreceivable.Novenber 2 Received payment of principal plus interent fron Carson for the September 3 note.Novenber 5 Received payment of prineipal plus interest fron Mulan for the August 7 note.Decenber 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, Year 1.1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions.2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledgeof receivables? Required 1ARequired 1BRequired 1CRequired 1DRequired 2First, complete the table below to calculate the interest amount at December 31, Year 1.InterestTotalthroughmaturityrecognizedDecember31PrincipalRate (%)TimeTotal interestRequired 1A Required 1BRequired 1CRequired 1DRequired 2First, complete the table below to calculate the interest amounts.Total through maturityN. CarsonMidnightCompanyNote MarchA. Privet NoteMulan Note -Note --March 17,Year 2August 7,Year 2September 3,Year 22, Year 2PrincipalRate (%)TimeTotal Interest

1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a $10, 800, 60-day, 8s note in granting Danny Todd a time extenaion on hie past-due sccount receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Tebruary 14 Received Todd's payment of principal and interest on the note dated Decenber 16. March 2 Accepted a $6,100, , 90-day note in granting a tine extension on the past-due account receivable from Midnight Company. March 17 Accepted a $2,400, 30-day, 78 note in granting Ava Privet a tine extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. Auguat 7 Accepted a $7,440, 90-day, 10s note in granting a tine extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2, 100, 60-day, 104 note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received paynent of prineipal plus interent fron Carson for the September 3 note. Novenber 5 Received payment of prineipal plus interest fron Hulan for the August 7 note. Decenber 1 Wrote oft the Privet account against the Allowance for Doubtful Accounte. Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P