Requlred Informatlon[The following information applies to the questions displayed below.]Following are transactions of The Company.Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. 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 13.3 Accepted a $22,000, 8%, 9e-day note in granting a time extension on the past-due account receivable of Tomas Company.Mar.17 Accepted a $20,000, 30-day, 18% 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 roundIntermedlate calculations. Use 360 days a year.)Complete this question by entering your answers in the tabs below.M Lee Note Tomas Co Note H Cheng NoteGeneralJournalComplete the table to calculate the interest amounts.AmountAccrued atDecember 31InterestTotal ThroughMaturityRecognizedJanuary 27PrincipalRate (%)TimeTotal interest< M Lee NoteTomas Co Note > Requlred Informatlon[The following information applies to the questions displayed below.]Following are transactions of The Company.Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. 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 31st and use the calculated value to prepare your journal entries.(Do not round your Intermedlate calculatlons. Use 360 days a year.)Complete this question by entering your answers in the tabs below.GeneralJournalInterestAmountsComplete the table to calculate the interest amounts at December 31".InterestTotal Through RecognizedMaturityDecember 31PrincipalRate (%)TimeTotal interestInterest AmountsGeneral Journal >

Total interest is the overall amount of interest paid on a loan or charging load for the life of the…

TThe following rmation appiles to the questions displayed belo Following are transactions of The Company. Dec. 13 Accepted a $28,e0e, 45-day, 7% note in granting M. Lee a time extension on her past-due account re 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 27 Received Lee's payment for principal and interest on the note dated December 13. 3 Accepted a $22,000, 8%, 98-day note in granting a time extension on the past-due account receivable of 17 Accepted a $20,0ee, 30-day, 10% note in granting H. Cheng a time extension on his past-due account rece 16 H. Cheng dishonored his note. 1 wrote off the H. Cheng account against the Allowance for Doubtful Accounts. e 1 Received the Tomas payment for principal and interest on the note dated March 3. mplete the table to calculate the interest amounts and use those calculated values to prepare your journal entr ermedlate calculatlons. Use 360 days a year.)

TThe following rmation appiles to the questions displayed belo Following are transactions of The Company. Dec. 13 Accepted a $28,e0e, 45-day, 7% note in granting M. Lee a time extension on her past-due account re 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 27 Received Lee's payment for principal and interest on the note dated December 13. 3 Accepted a $22,000, 8%, 98-day note in granting a time extension on the past-due account receivable of 17 Accepted a $20,0ee, 30-day, 10% note in granting H. Cheng a time extension on his past-due account rece 16 H. Cheng dishonored his note. 1 wrote off the H. Cheng account against the Allowance for Doubtful Accounts. e 1 Received the Tomas payment for principal and interest on the note dated March 3. mplete the table to calculate the interest amounts and use those calculated values to prepare your journal entr ermedlate calculatlons. Use 360 days a year.)

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

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Notes Receivable On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000 interest-bearing note from Rozelle Company in payment of an account receivable. Doughertys year-end is December 31. Rozelle paid the note and interest on the due date. Required Who is the maker and who is the payee of the note? What is the maturity date of the note? Prepare all necessary journal entries that Dougherty needs to make in connection with this note.
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