The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $13,400, 60-da
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- The Following Transactions Are From Ohlm Company Use 360 Days A Year Year 1 December 16 Accepted A N 13 400 60 Da 1 (55.66 KiB) Viewed 43 times
- The Following Transactions Are From Ohlm Company Use 360 Days A Year Year 1 December 16 Accepted A N 13 400 60 Da 2 (57.47 KiB) Viewed 43 times
- The Following Transactions Are From Ohlm Company Use 360 Days A Year Year 1 December 16 Accepted A N 13 400 60 Da 3 (50.75 KiB) Viewed 43 times
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $13,400, 60-day, 9% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,600, 9%, 98-day note in granting a time extension on the past-due account receivable from Midnight Company. March 17 ces Accepted a $3,500, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note.. May 31 Midnight Company dishonored its note. August 7 Accepted a(n) $8,150, 90-day, 8% note in granting a time extension on the past-due account receivable of Mulan Company. September 3 Accepted a $2,270, 60-day, 9% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 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 Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by enterina vour answers in the tabs below. ww < Prev 11 of 11 # Next
No 2 3 4 5 6 Date February 14 March 02 March 17 April 16 May 31 August 07 General Journal Cash Interest revenue Interest receivable Notes receivable-D. Todd Notes receivable-Midnight Company Accounts receivable-Midnight Company Notes receivable-A. Privet Accounts receivable-A. Privet Accounts receivable-A. Privet Interest revenue Notes receivable A. Privet Accounts receivable-Midnight Company Interest revenue Notes receivable-Midnight Company Notes receivable Mulan Accounts receivable-Mulan < Prev 11 of 11 E 00 Next Debit Credit
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate interest revenue Notes receivable Midnight Company 6 August 07 Notes receivable Mulan Accounts receivable Mulan September 03 Notes receivable N. Carson Accounts receivable N. Carson November 02 Cash Interest revenue Notes receivable-N. Carson November 05 Cash Interest revenue Notes receivable-Mulan December 01 Allowance for doubtful accounts Accounts receivable-A. Privet 7 B 9 10 <Required 10 < Prev Required 2 > 11 of 11 >> Next