This is the part that you guys cannot see.Is the question ..for the 4 parts use

Question

This is the part that you guys cannot see.Is the question ..for the 4 parts use the tables that is easy to see

*******Following are selected transactions of Danica Company for 2016 and 2017.

2016

2017

Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.)

there are 4 parts in this question and the general journal..

Dec. 13 Accepted a $20,000, 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. for 2016 and 2017 10 May 1 off the H. Cheng account against the A1lowance for Doubtful Accounts Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round

Explanation / Answer

Answer a. Miranda Lee Note Total Through Maturity Amount Accrued at Dec 31 Interest Recognized Jan 27 Principal                 20,000 Rate (%) 8% Time 45 Days 18 Days 27 Days Total Interest                       200                                 80                                 120 Assuming 360 days in a Year. Answer b. Thomas Company Note Total Through Maturity Principal                 14,000 Rate (%) 10% Time 90 Days Total Interest                       350 Answer c. H. Cheng Note Total Through Maturity Principal                 12,000 Rate (%) 6% Time 30 Days Total Interest                          60 Answer d. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 13-Dec-16 Note Receivable                                           Dr.          20,000 To Accounts Receivable          20,000 (Record the note accepted against due from Miranda Lee) 31-Dec-16 Interest Receivable                                     Dr.                  80    To Interest Revenue                  80 (Record the interest accrued on Miranda Lee Note) 27-Jan-17 Cash                                                                     Dr.          20,180    To Notes Receiavable          20,000    To Interest Revenue                120    To Interest Receivable                  60 (record the amount recd) 3-Mar-17 Note Receivable                                           Dr.          14,000 To Accounts Receivable          14,000 (Record the note accepted against due from Thomas Company) 17-Mar-17 Note Receivable                                           Dr.          12,000 To Accounts Receivable          12,000 (Record the note accepted against due from H. Cheng) 16-Apr-17 Accounts Receivable                                   Dr.          12,060 To Notes Receivables          12,000 To Interest Revenue                  60 (Record the notes dishonoured - H. Cheng) 1-May-17 Allowance for Doubtful Accounts          Dr.          12,060 To Accounts Receivables          12,060 (record the amount due from H. Cheng Written off) 1-Jun-17 Cash                                                                     Dr.          14,350    To Notes Receiavable          14,000    To Interest Revenue                350 (record the amount recd Tomas Company)

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