Question: Following are transactions of Danica Company. December 13 Accepted a $18,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-

8% note in granting Miranda Lee a time extension on her past- due account receivable. December 31 Prepared an adjusting entry to record the

Following are transactions of Danica Company. December 13 Accepted a $18,000, 45-day, 8% 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. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Use the calculated value to prepare your journal entries. View transaction list Journal entry worksheet < 1 2 Prepare an adjusting entry to record the accrued interest on the Lee note. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >

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