Exercise 7-13 Honoring a note LO P4

Following are selected transactions for Vitalo Company.

Nov.		1		Accepted a $16,000, 180-day, 6% 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 31^st and April 30^th 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. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th November 1 January 1 Through December 31April 30 Total Through Through Maturity Principal Rate (%) Time Total interest Complete this question by entering your answers in the tabs below InterestGeneral Amounts Journal Use those calculated values to prepare your journal entries (assume that no reversing entries are recorded). View transaction list Journal entry worksheet Accepted a $16,000, 180-day, 690 note dated November 1 from Kelly white in granting a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Nov 01 Record entry Clear entry View general journal Journal entry worksheet Adjusted the year-end accounts for the accrued interest earned on the White note. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet White honored her note when presented for payment; February has 28 days tor the curent year: Assume no reversing entesr made on January Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journal