Exercise $8-20$ Notes receivable transactions LO$6$ Following are transactions of Danica Company.

December $13$ Accepted a $$20,000,45-$day, $6\%$ note in granting Miranda Lee a time extension on her past$-$due account

receivable.

December $31$ Prepared an adjusting entry to record the accrued interest on the Lee note.

Exercise $8-20$ Notes receivable transactions LO$6$

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 $365$ days a year.$)$

Complete this question by entering your answers in the tabs below.

Interest

Amounts

Use the calculated value to prepare your journal entries. Journal entry worksheet

$1$

$2$

Record acceptance of a $$20,000,45-$day, $6\%$ note in granting Miranda Lee a time extension on her past$-$due account receivable.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $13,,,],[,,,],[,,,],[,,,],[,,,]]$ Journal entry worksheet

$1$

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

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,],[,,,]]$

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 $365$ days a year.$)$

Complete this question by entering your answers in the tabs below.

Interest

General

Amounts

Journal

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