Problem 7-5A (Algo) Analyzing and journalizing notes receivable transactions LO C2, C3, P4

The following transactions are from him Company. (Use 360 days a year.)

Year 1

December 16 Accepted a(n) $10,900, 60-day, 98 note in granting Danny Todd a tine extension on his past-due account

receivable.

December 31 Made an adjuating entry to record the accrued interent on the Todd note.

Year 2

Tebruary 14 Received Todd's payment of principal and interest on the note dated December 16,

March 2 Accepted a(n) $6,200, 98, 90-day note in granting a tine extenaion on the past-due account receivable from

Midnight Company.

March 17 Accepted a $3,700, 30-day, 78 note in granting Ava Privet a time extension on her pant-due account

receivable.

April 16 Privet dishonored her note.

May 31 Midnight Company dishonored it note.

August (A hSian* Eduplk). 87.550, 30-day, st note in granting a tina estenaion on the past-due account receivable of

September 1 Accepted a $3,240, 60-day, 108 note in granting Noah Carson a tine extension on his past-due account

receivable.

Novesber 2 Received payment of prineipal plus interest from Carson for the September 3 note.

November 5 Received payment of principal plus interost from Mulan for the Auguat 7 note.

December 1 Wrote off the Privet account against the Allovance for Doubtful Accounts

Required:

1-a. First, complete the table below to calculate the interest amount at December 31, Year 1.

1-b. Use the calculated value to prepare your journal entries for Year 1 transactions

1-c. First, complete the table below to calculate the interest amounts.

1-d. Use those calculated values to prepare your journal entries for Year 2 transactions.

2. M Ohlm pledged its recelvables as security for a loan from the bank, where on the financial statements does it disclose this pledge of Recievables.

Problem 7-5A (Algo) Analyzing and journalizing notes receivable transactions LO C2, C3, P4 The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted a(n) $10,900, 60-day, 31 note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a(n) $6,200, 91, 90-day note in granting a tine extension on the past-due account receivable from Midnight Company March 17 Accepted a $3,700, 30-day, 7 note in granting sva Privet a time extension on her past-due account receivable. April 16 Drivet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted ain) $7,550, 90-day, 8 note in granting a time extension on the past due account receivable of olan Company September 3 Accepted a $3,240, 60-day, 105 note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Carson for the September 3 note. November 5 Received payment of principal plus interest from Mulan for the August 7 note. December 1 wrote of the Privet account against the Allowance for Doubtful Accounts Required: 1-a. First, complete the table below to calculate the interest amount at December 31, Year 1. 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions, 1-c. First, complete the table below to calculate the interest amounts 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions 2. If Ohim pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest Required 1A Required 18 > Journal entry worksheet Accepted a $10,900, 60-day, 9% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits General Journal Debit Credit Date December 16 actio pledged its receivables as security for a loan from the bank, where on the of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 1D Required 2 First, complete the table below to calculate the interest amounts. (Do not round Interme Total Through Maturity Midnight Company Note - March 2, Year 2 A. Privet Note - March 17, Year 2 Mulan Note - August 7, Year 2 N. Carson Note - September 3, 2017 Principal Rate (%) Time Total interest Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Received Todd's payment of principal and interest on the note dated December 16. Note: Enter debits before credits. Date February 14 General Journal Debit Credit Record Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 1C Required 1D Required 2 If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? The pledge of receivables is shown in the