Question: Question #5 Show your work and calculations on separate paper! Prepare journal entries for the following transactions of Danica Company for 2016 and 2017. 2016

Question #5 Show your work and calculations on separate paper! Prepare journal entries for the following transactions of Danica Company for 2016 and 2017. 2016 December 13 Accepted a $20,000, 45-day, 8.0% note dated December 13 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. 2017 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $14,000, 8.0%, 90-day note dated March 3 in granting a time extension on a past-due account receivable of Tomas Company March 17 Accepted a $12,000, 30-day, 7.0% note dated March 17 in granting Hiroshi Cheng a time extension on his past due account receivable. Apoil 16 Cheng dishonors his note when presented for payment May 1 Wrote off the Cheng account against the Allowance for Doubtful Accounts June 1 Received the Tomas payment for principal and interest on the noted dated March 3

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