eg- Check my work mode : This shows what is correct or incorrect for the work yo
ID: 2555861 • Letter: E
Question
eg- Check my work mode : This shows what is correct or incorrect for the work you have completed so for. It does not indica Following are selected transactions of Danica Company for 2016 and 2017 2016 Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 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. 2017 an. 27 Received Lee's payment for principal and interest on the note dated December 13. Har. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a tine extension on the pet-due Company 17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting H. Cheng a tine extension on his past-due account receivable. Apr. 16 H. Cheng dishonored h 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 your intermediate calculations. Use 360 days a year.) Answer is not complete. Complete this destion by entering your answers in the tabs below. Tomas Co H Cheng Note Journal M Lee Note NoteExplanation / Answer
Complete the table to calculate the interest amounts and use those calculated values to prepare journal entries
M.lee note:
Total through Maturity
Amount Accrued at December 31
Interest recognized Jan 27
Principal
$9,500
$9,500
$9,500
Rate
8%
8%
8%
Time
45/360
18/360
27/360
Total interest
95
38
57
Thomas co Note:
Total through Maturity
Principal
$5,000
Rate
10%
Time
90/360
Total interest
$125
H.Cheng note
Total through Maturity
Principal
$2,000
Rate
9%
Time
30/360
Total interest
$15
Date
General Journal
Debit
credit
Jan 27 2016
Cash
9595
Interest revenue
57
Interest receivable
38
Notes receivable -M lee
9500
Mar 03 2016
Notes receivable - thomos co
$5,000
Accounts receivable - Thomos co
$5,000
Mar 17 2016
Notes receivable - H cheng
$2,000
Accounts receivable - H cheng
$2,000
April 16 2016
Accounts receivable - H Cheng
$2,015
Interest revenue
$15
Notes receivable - H cheng
$2,000
May 01 2016
Allowance for doubtful Accounts
$2,015
Accounts receivable - H cheng
$2,015
June 01 2016
Cash
5125
Interest revenue
$125
Notes receivable - Thomas co
$5,000
M.lee note:
Total through Maturity
Amount Accrued at December 31
Interest recognized Jan 27
Principal
$9,500
$9,500
$9,500
Rate
8%
8%
8%
Time
45/360
18/360
27/360
Total interest
95
38
57
Thomas co Note:
Total through Maturity
Principal
$5,000
Rate
10%
Time
90/360
Total interest
$125
H.Cheng note
Total through Maturity
Principal
$2,000
Rate
9%
Time
30/360
Total interest
$15
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