Following are selected transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 78 note dated November
Question:
Following are selected transactions for Vitalo Company.
Nov. 1 Accepted a $6,000, 180-day, 78 note dated November 1 from Kelly White in granting a time extension on her past due account receivable.
Dec. 31. Adjusted the year-end accounts for the accrued interest earned on the white note.
Apr, 30. White honored her note when presented for payment; February has 28 days for the current year.
Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries (assume that no reversing entries are recorded)(Do not round intermediate calculations. Use 360 days a year.)
Complete this question by entering your answers in the tabs below.
Complete the table to calculate the interest amounts at December 31st and April 30th.
Use those calculate values to prepare your journal entries (assume that no reversing entries).
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Journal entry worksheet
Accepted a $6,000, 18-day, 7% note dated November 1 form Kelly White in granting a time extension on her pas-due account receivable.
Note:
Enter debits before credits
Use those calculate values to prepare your journal entries (assume that no reversing entries).
View transaction list
Journal entry worksheet
Adjusted the year-end accounts for the accrued intereset earned on the White note.
Note:
Enter debits before credits
Use those calculate values to prepare your journal entries (assume that no reversing entries).
View transaction list
Journal entry worksheet
White honored her note when presented for payment; February has 28 days for the current year. Assume no reversing entries were made on January 1.
Note:
Enter debits before credits
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