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Use the following information for the Exercises 18-19 below. (Algo)
[The following information applies to the questions displayed below.]
Following are transactions of Danica Company.
December 13 Accepted a [tex][tex][tex][tex]$18,000, 45-day, 10% 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.
Exercise 9-19 (Algo) Notes receivable transactions LO P4
January 27 Received Lee's payment for principal and interest on the note dated December 13.
March 3 Accepted a $[/tex][/tex][/tex][/tex]12,000, 10%, 90-day note in granting a time extension on the past-due account receivable of
Tomas Company.
March 17 Accepted a $18,000, 30-day, 8% note in granting H. Cheng a time extension on his past-due account
receivable.
April 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.
Note: Do not round intermediate calculations. Use 360 days a year.
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