Dec.		13		Accepted a $17,000, 45-day, 6% 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.

Complete the table to calculate the interest amounts at December 31^st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)

Complete the table to calculate the interest amounts at December 31^st.

		Interest
	Total Through	Recognized
	Maturity	December 31
Principal
Rate (%)
Time
Total interest

Record acceptance of a $17,000, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

Prepare an adjusting entry to record the accrued interest on the Lee note.

Date	General Journal	Debit	Credit
Dec 13, 2016