Question: Exercise 7-13 Honoring a note LO P4 Following are selected transactions for Vital Company May 1 Accepted a $12.000, 10-day. 98 ote dated evenber from

Exercise 7-13 Honoring a note LO P4 Following are selected transactions for Vital Company May 1 Accepted a $12.000, 10-day. 98 ote dated evenber from Kelly white in granting timesi on her past due het receivable Dec. 31 Mjated the year-end scents for the end interest and on the white note. Apr. 30 white honored her note when presented for past what has 2 days for the current year. Complete the table to calculate the interest amounts at December 318 and April 30th and use those calculated values to prepare your journal entries (assume that no reversing entries are recordedi. (Do not round intermediate calculations. Use 360 days a year) - Complete this question by entering your answers in the tabs below. Interest Amounts General Jours Complete the table to calculate the interest amounts at December 31" and Aprilah Principal Rate() Time Total interest November 1 January 1 Total Through Through Through Maturity December 31 April 30 5 12.000 5 12.000 6 12,000 9% 94 96 50/60 $ 900 5 150 s 300
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
