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Dec. 13 Accepted...

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Question

Accounting

Dec.

13

Accepted a $17,000, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

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. (Do not round your intermediate calculations. Use 360 days a year.)

Complete the table to calculate the interest amounts at December 31st.

Interest

Total Through

Recognized

Maturity

December 31

Principal

Rate (%)

Time

Total interest

Record acceptance of a $17,000, 45-day, 6% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

Prepare an adjusting entry to record the accrued interest on the Lee note.

Date

General Journal

Debit

Credit

Dec 13, 2016

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