The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note
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The following transactions are from Ohlm Company.
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Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16. Mar. 2 31 17 Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Privet dishonored her note. Midnight Co. dishonored its note. Apr. 16 May 31
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Here are the journal entries presented in a table form Date Account Debit Credit Year 1 Dec 16 Notes ...View the full answer
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