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ks Window Help Connect https a newconnect.mheducation.com Web Slice Gallery r_id-container-lti&context-id-contextld;&custom-action-section;& Connect n Yahoo Search R omework Help Save & Exit Submit Check my work 2016 Dec. 13 Accepted a $30,000, 45-day, 61 note dated December 13 in granting Kiranda Lee a tine extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 2017 Jan. 27 Received Lee's payment for prineipal and interest on the note dated December 13. Mar. 3 Accepted a $24,000, 81, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company Accepted past-due account receivable 17 $22,000, 30-day, 8 note dated March 17 in granting H. Cheng a a time extension on his Apr. 16 H. Cheng dishonored his note when presented for payment. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts une 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts 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 M Lee Note Tomas Co Note H Cheng Note General Journal Complete the table to calculate the interest amounts.

Explanation / Answer

M Lee Note: Total Through Maturity Amount Accrued at Dec 31. Interest Recognized Jan 27. Principal (a) 30000 30000 30000 Rate (%) (b) 6% 6% 6% Time © 45/360 18/360 27/360 Total Interest (a)*(b)*© 225 90 135 Tomas Co Note: Total Through Maturity Principal (a) 24000 Rate (%) (b) 8% Time © 90/360 Total Interest (a)*(b)*© 480 H Cheng Note: Total Through Maturity Principal (a) 22000 Rate (%) (b) 8% Time © 30/360 Total Interest (a)*(b)*© 146 Journal Entries Date General Journal Debit Credit Jan 27,2017 Cash 30225 Interest revenue 135 Interest receivable 90 Notes receivable-Lee 30000 Mar 03,2017 Notes receivable-Tomas 24000 Accounts receivable-Tomas 24000 Mar 17,2017 Notes receivable-H Cheng 22000 Accounts receivable-H Cheng 22000 Apr 16,2017 Accounts receivable-H Cheng 22146 Interest revenue 146 Notes receivable-H Cheng 22000 May 1,2017 Allowance for doubtful accounts 22146 Accounts receivable-H Cheng 22146 June 1,2017 Cash 24480 Interest revenue 480 Notes receivable-Tomas 24000

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