Following are transactions of Danica Company. Dec. 13 Accepted a $14,000, 45-day, 9% note in granting Miranda
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Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.
Mar. 3 Accepted a $8,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company.
17 Accepted a $6,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account receivable.
Apr. 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts.
June 1 Received the Tomas payment for principal and interest on the note dated March 3.
Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries.
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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