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History Bookmarks Window Help Connect https“ newconnect.mheducation.com/flow/connect.htr Web Slice Gallery es r 7 Homework Help Save & Exit Submit Check my work Following are selected transactions of Danica Company for 2016. 13 Accepted a 515,000, 45-day, 101 note dated December 13 in granting Kiranda Lee a time extension on her past-due account receivable Prepared an adjusting entry to record the accrued interest on the Lee note Complete the table to calculate the interest amounts at December 31St and use the calculated value to 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 ournal Complete the table to calculate the interest amounts at December 31st Recognized r 31 Total Through Principal S 15,000

Explanation / Answer

1) Schedule :

Journal entry :

Total through maturity Total interest on december 31 recognized Principal 15000 15000 Rate 10% 10% Time 45/360 18/360 Total interest 187.50 75

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