ssignment Exercise 9-12 Notes receivable transactions LO P4 Following are select

Question

ssignment Exercise 9-12 Notes receivable transactions LO P4 Following are selected transactions of Danica Company for 2016 and 2017. 2016 Dec. 13 Acepted a s9,500, 45 day, sX note dated December 13 in granting Miranda Lee a tine extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for principal and interest on the note dated December 1 Mar. 3 Accepted a $5,000, 18%, 99-day note dated March 3 ?n granting a time extension on the past-lue account receivable of Tonas Company 17 Accepted a $2,eee, 30-day, 9% note dated March 17 in granting H. Cheng a time extension on hi past-due account receivable. Apr. 16 H. Cheng dishonored his note when presented for payment. May 1 Wrote off the H. Cheng account against June 1 Received the Tonas payment for principal and interest on the note dated March 3. the Aioance for Doubtful Accounts. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round your intermediate calculations. Use 360 deys a year-) Complete this question by entering your answers in the tabs below. Prev1o of 12Next

Explanation / Answer

1)M.lee note

2)Tomas co note

Total Through Maturity Amount Accrued at december 31 Interest recognised january 27 Principal 9500 9500 9500 Rate% 8% 8% 8% Time 45/360 18/360 27/360 Total Interest $95 $38 $57

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