! Required information Use the following information for the Exercises below. [The following information applies to the

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: Required Information Use The Following Information For The Exercises Below The Following Information Applies To The 1 (161.25 KiB) Viewed 30 times

! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $26,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-13 Notes receivable transactions LO P4 Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $20,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. 17 Accepted a $18,000, 30-day, 10% 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 round intermediate 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 Note Complete the table to calculate the interest amounts. Amount Accrued at December 31 Principal Rate (%) Time Total interest General Journal Total Through Maturity Interest Recognized January 27

Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note First, complete the table below to calculate the interest amounts. Principal Rate (%) Time Total interest General Journal Total Through Maturity

Complete this question by entering your answers in the tabs below. M Lee Note Tomas Co Note H Cheng Note First, complete the table below to calculate the interest amounts. Principal Rate (%) Time Total interest General Journal Total Through Maturity

Journal entry worksheet < 1 2 3 4 5 6 Received Lee's payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared. Date Jan 27 Note: Enter debits before credits. General Journal Debit Credit

Journal entry worksheet < 2 Accepted a $20,000, 8%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. Note: Enter debits before credits. Date Mar 03 5 6 General Journal Debit Credit

Journal entry worksheet < 1 2 3 Date Mar 17 Accepted a $18,000, 30-day, 10% note in granting H. Cheng a time extension on his past-due account receivable. Note: Enter debits before credits. 4 5 6 General Journal Debit Credit >

Journal entry worksheet < 1 1 2 3 H. Cheng dishonored his note. Note: Enter debits before credits. Date Apr 16 4 5 6 General Journal Debit Credit >

Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. Date May 01 LO 5 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. 6 General Journal Debit Credit >

Journal entry worksheet < 1 2 3 4 5 Received the Tomas payment for principal and interest on the note dated March 3. Note: Enter debits before credits. 6 Date Jun 01 General Journal Debit Credit >