Answer Happy

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 7-12 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. Principal Rate (%) Time Total interest Total Through Maturity Interest Recognized December 31

Journal entry worksheet 1 2 Record acceptance of a $26,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. Note: Enter debits before credits. Date Dec 13 General Journal Debit Credit >

Journal entry worksheet < 1 2 Prepare an adjusting entry to record the accrued interest on the Lee note. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit >