Exercise 9-11 Notes receivable transactions LO C2 Following are selected transac

Question

Exercise 9-11 Notes receivable transactions LO C2 Following are selected transactions of Danica Company for 2016. Dec. 13 Accepted a $25,000, 45-day, 7% 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 this question by entering your answers in the tabs below InterestGeneral ournal Complete the table to calculate the interest amounts at December 31st Total Through Recognized December 3 1 Principal Rate (%) Time Total interest General Journal>

Explanation / Answer

Schedule :

Journal entry :

Total through maturity Interest recognized december 31 Principal 25000 25000 Rate 7% 7% Time 45/360 18/360 Total interest 218.75 87.50

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