50.1K

Verified Solution

Link Copied!

Help Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Following are transactions of Danica Company. Dec. 13 Accepted a $28,888, 45-day, 7 note 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. Exercise 7-12 Notes receivable transactions LO C2 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 this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31 Total Through Maturity $ 28.000 Interest Recognized December 31 $ 28.000 Principal Rate(%) Time Total interest 45/360 Ceneral Journal > Next 10 of 10 !!! equired information Interest Amounts General Journal se the calculated value to prepare your journal entries. Wiew transaction list Journal entry worksheet 2 Prepare an adjusting entry to record the accrued interest on the Lee note. Note: Enter debits before credits. Debit Credit Date Dec 31 General Journal Interest receivable Interest revenue View general journal Clear entry Record entry Ne 10 of 10 !!!

Answer & Explanation Solved by verified expert

See Answer