60.1K

Verified Solution

Link Copied!

Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 97 note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st and April 30th. Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate(%) Time Total interest Accepted a $5,000, 180-day, 9% note from Kelly White in granting a time extension on her past-due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date November 01 Record entry Clear entry View general Journal Journal entry worksheet Adjusted the year-end accounts for the accrued interest earned on the White note. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal Journal entry worksheet White honored her note when presented for payment. Assume no reversing entries were made on January 1. Note: Enter debits before credits. General Journal Debit Credit Date April 30 Record entry Clear entry View general Journal

Answer & Explanation Solved by verified expert

See Answer