Use the following Information for the Exercises 18-19 below. (Algo) [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $12,000, 45-day, 8 note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $6,000, 88, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable. April 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 round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Tomas Company Note General Journal Complete the table to calculate the interest amounts. Amount Accrued at December 31 M Lee Note Principal Rate (%) Time Total interest H Cheng Note Total Through Maturity Interest Recognized January 27 A Tomas Company Note >
Use the following Information for the Exercises 18-19 below. (Algo) [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $12,000, 45-day, 8 note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $6,000, 88, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable. April 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 round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Tomas Company Note General Journal Complete the table to calculate the interest amounts. Amount Accrued at December 31 M Lee Note Principal Rate (%) Time Total interest H Cheng Note Total Through Maturity Interest Recognized January 27 A Tomas Company Note >
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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Question
Complete all parts please and thank you
![Use the following Information for the Exercises 18-19 below. (Algo)
The following information applies to the questions displayed below.]
Following are transactions of Danica Company.
December 13 Accepted a $12,000, 45-day, 8 note in granting Miranda Lee a time extension on her past-due
account receivable.
December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Exercise 7-19 (Algo) Notes receivable transactions LO P4
January 27 Received Lee's payment for principal and interest on the note dated December 13.
March 3 Accepted a $6,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas
Company.
March 17 Accepted a $18,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable.
April 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 round
intermediate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
Tomas
Company Note
General
Journal
Complete the table to calculate the interest amounts.
Amount
Accrued at
December 31
M Lee Note
Principal
Rate (%)
Total interest
H Cheng Note
Total Through
Maturity
Recognized
January 27
14
Tomas Company Note
Prev
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of 9
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Transcribed Image Text:Use the following Information for the Exercises 18-19 below. (Algo)
The following information applies to the questions displayed below.]
Following are transactions of Danica Company.
December 13 Accepted a $12,000, 45-day, 8 note in granting Miranda Lee a time extension on her past-due
account receivable.
December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Exercise 7-19 (Algo) Notes receivable transactions LO P4
January 27 Received Lee's payment for principal and interest on the note dated December 13.
March 3 Accepted a $6,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas
Company.
March 17 Accepted a $18,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable.
April 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 round
intermediate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
Tomas
Company Note
General
Journal
Complete the table to calculate the interest amounts.
Amount
Accrued at
December 31
M Lee Note
Principal
Rate (%)
Total interest
H Cheng Note
Total Through
Maturity
Recognized
January 27
14
Tomas Company Note
Prev
*********
of 9
Next
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