Question: Exercise 7-11 Notes receivable transactions LO C2 Following are selected transactions of Danica Company for 2016 Dec. 13 Accepted a $21,000, 45-day, 7% note dated


Exercise 7-11 Notes receivable transactions LO C2 Following are selected transactions of Danica Company for 2016 Dec. 13 Accepted a $21,000, 45-day, 7% 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 31St and use the calculated value to prepare your journal entries (Do not round your intermediate calculations. Use 360 days a year.) Answer is not complete Complete this question by entering your answers in the tabs below Interest Amounts General ournal Complete the table to calculate the interest amounts at December 31st. Interest Total Through Maturity $ 21,000 Recognized December 31 Principal Rate (%) Time Total interest S 7% 45/360 Interest Amounts General Journal>
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