Complete interest amounts and general journal 1-2 pleaee 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-dueaccount receivable.December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.Exercise 7-18 (Algo) Notes receivable transactions LO C2InterestAmountsComplete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.(Do not round your intermediate calculations. Use 360 days a year.)FatehumComplete this question by entering your answers in the tabs below.GeneralJournalPrincipalRate (%)TimeTotal interestmetComplete the table to calculate the interest amounts at December 31st,Total ThroughMaturityMontanaInterestRecognizedDecember 31General Journal >< Prev8 9of 9BEEBEMacBook AirNext >PLEFELETELSE

Maturity amount of the Note = Face value of the Note + Total interest on the notes Golden Rules of…

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, 88 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 7-18 (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 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 Recognized December 31 Principal Rate (%) Time Total interest Total Through Maturity Interest Amelinte General Journal >

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, 88 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 7-18 (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 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 Recognized December 31 Principal Rate (%) Time Total interest Total Through Maturity Interest Amelinte General Journal >

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1MP

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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
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