Following are transactions of Danica Company. December 13 Accepted a $30, 000, 45-day, 4% note in...
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Following are transactions of Danica Company. December 13 Accepted a $30, 000, 45-day, 4% 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. 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.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31t, Interest Total Through Maturity Recognized December 31 Principal Rate (%) Time Total interest Interest Amun General Journal> Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Use the calculated value to prepare your journal entries. View transaction list 1 Record acceptance of a $30,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. Lee a 2 Prepare an adjusting entry to record the accrued interest on the Lee note. Credit Following are transactions of Danica Company. December 13 Accepted a $30, 000, 45-day, 4% 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. 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.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31t, Interest Total Through Maturity Recognized December 31 Principal Rate (%) Time Total interest Interest Amun General Journal> Complete this question by entering your answers in the tabs below. Interest General Amounts Journal Use the calculated value to prepare your journal entries. View transaction list 1 Record acceptance of a $30,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. Lee a 2 Prepare an adjusting entry to record the accrued interest on the Lee note. Credit
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Interest Total through Maturity Recognized Dec 31 Principal 30000 30000 Rate ... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
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