170 points for 2015 and 2016 2015 Dec. 13 Accepted a S22.000, 45-day, 6% note da

Question

170 points for 2015 and 2016 2015 Dec. 13 Accepted a S22.000, 45-day, 6% note dated 31 Prepared an adjusting entry to record the accrued interest on the Lee note 2016 Jan 27 Mar. 3 Lees payment for principal and interest on the note dated December 13 note 6% note dated March 1 7 in ganting H Cheng a time extension on his past due account receivable. Apr. 16 H Cheng dishonors hils note when presented for payment May !wrote oti the H June 1 Received the Tomas payment for principal and interest on the note dated March 3 First, complete the table below to calculate the interest amounts. (Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days ay Total T at 31 Rate (%) Type here to

Explanation / Answer

M. Lee Note: Total Through Maturity Amount Accrued at December 31 Interest Recognized January 27 Principal $22,000 $22,000 $22,000 Rate (%) 6 % 6 % 6 % Time 45/360 18/360 27/360 Total interest $165 $66 $99 Tomas Co Note: Total Through Maturity Principal $16,000 Rate (%) 6 % Time 90/360 Total interest $240 H. Cheng Note: Total Through Maturity Principal $14,000 Rate (%) 6 % Time 30/360 Total interest $70 Date General Journal Debit Credit Jan 27, 2016 Cash $22,165 Interest revenue $       99 Interest receivable $       66 Notes receivable—M. Lee $22,000 Mar 03, 2016 Notes receivable—Tomas Co $16,000 Accounts receivable—Tomas Co $16,000 Mar 17, 2016 Notes receivable—H. Cheng $14,000 Accounts receivable—H. Cheng $14,000 Apr 16, 2016 Accounts receivable—H. Cheng $14,070 Interest revenue $       70 Notes receivable—H. Cheng $14,000 May 01, 2016 Allowance for doubtful accounts $14,070 Accounts receivable—H. Cheng $14,070 Jun 01, 2016 Cash $16,240 Interest revenue $     240 Notes receivable—Tomas Co $16,000

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