Year 2
Required:1-a. First, complete the table below tocalculate the interest amount at December 31, Year 1.1-b. Use the calculated value to prepare yourjournal entries for Year 1 transactions.1-c. First, complete the table below tocalculate the interest amounts.1-d. Use those calculated values to prepareyour journal entries for Year 2 transactions.2. If Ohlm pledged its receivables assecurity for a loan from the bank, where on the financialstatements does it disclose this pledge of receivables?
- The Following Transactions Are From Ohlm Company Use 360 Days A Year Year 1 Year 2 Required 1 A First Complete T 1 (51.49 KiB) Viewed 6 times
- The Following Transactions Are From Ohlm Company Use 360 Days A Year Year 1 Year 2 Required 1 A First Complete T 2 (83.16 KiB) Viewed 6 times
Journal entry worksheet 1 2 Accepted a $13,200, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Date December 16 Record entry General Journal Clear entry Debit Credit View general journal >
Journal entry worksheet < 1 2 Made an adjusting entry to record the accrued interest on the Todd note. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
Required 1A Required 1B Required 1C Required 1D First, complete the table below to calculate the interest amounts. (Do not round inter Principal Rate (%) Time Total interest Midnight Company Note - March 2, Year 2 Total Through Maturity Required 2 A. Privet Note - March 17, Year 2 Mulan Note - August 7, Year 2 N. Carson Note - September 3, 2017
Required 1A Required 1B Required 1C Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet 1 2 Date February 14 3 Note: Enter debits before credits. Record entry 4 5 Received Todd's payment of principal and interest on the note dated December 16. General Journal 8 Clear entry 9 Debit 10 Credit View general journal
Journal entry worksheet 1 2 Accepted a(n) $7,400, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company. Note: Enter debits before credits. Date March 02 4 5 6 7 8 9 10 Record entry General Journal Clear entry Debit Credit View general journal >
Journal entry worksheet < 1 2 3 Accepted a(n) $3,800, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Note: Enter debits before credits. Date March 17 Record entry 4 5 6 7 8 9 10 General Journal Clear entry Debit Credit View general journal
Journal entry worksheet < 1 2 Privet dishonored her note. 3 Note: Enter debits before credits. Date April 16 Record entry 4 5 General Journal Clear entry 6 7 8 9 10 Debit Credit View general journal >
Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date May 31 Midnight Company dishonored its note. Record entry + 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal
Journal entry worksheet < 1 2 3 4 5 Note: Enter debits before credits. Accepted a(n) $8,200, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company. Date August 07 Record entry General Journal 6 Clear entry 7 8 9 10 Debit Credit View general journal
Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date September 03 Record entry 4 5 6 Accepted a(n) $2,920, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. General Journal 7 Clear entry 8 9 10 Debit Credit View general journal >
Journal entry worksheet 1 2 3 Note: Enter debits before credits. Date November 02 4 5 6 7 Received payment of principal plus interest from Carson for the September 3 note. Record entry General Journal 8 Clear entry 9 10 Debit Credit View general journal
Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date November 05 Record entry 4 5 6 7 8 Received payment of principal plus interest from Mulan for the August 7 note. General Journal Clear entry 9 Debit 10 Credit View general journal
Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date December 01 Wrote off the Privet account against the Allowance for Doubtful Accounts. 4 5 6 7 Record entry General Journal 8 Clear entry Debit 10 Credit View general iournal
Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? The pledge of receivables is shown in the Required 2