3 ok nt nces Note Use 360 days a year Year 1 December 16

Last updated: 9/18/2023

3 ok nt nces Note Use 360 days a year Year 1 December 16 Accepted a n 10 800 60 day 98 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 Received Todd s payment of principal and interest on the note dated December 16 Accepted a n 6 800 98 90 day note in granting a time extension on the past due account receivable from Midnight Company Accepted a 2 600 30 day 7 note in granting Ava Privet a time extension on her past due account receivable February 14 March 2 March 17 April 16 Privet dishonored her note May 31 Midnight Company dishonored its note August 7 Accepted a n 7 800 90 day 10 note in granting a time extension on the past due account receivable of Mulan Company September 3 Accepted a 2 740 60 day 128 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 off 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 Ohlm pledged its receivables as security for a loan from the bank where on the financi Check my work