ca someone please help me with this assignment The following selected transactio
ID: 2551669 • Letter: C
Question
ca someone please help me with this assignment
The following selected transactions are from Ohlm Company 2016 Dec. 16 Accepted a $10,800, 60-day, 8% note dated this day in granting Danny Todd a time extension on his past-due account receivable 31 Made an adjusting entry to record the accrued interest on the Todd note 2017 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight co 17 Accepted a $2,400, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable Apr. 16 Privet dishonored her note when presented for payment May 31 Midnight co. refused to pay the note that was due to ohlm co. on May 31. Prepare the journal entry to charge July 16 Received payment from Midnight co. for the maturity value of its dishonored note plus interest for 46 days Aug. 7 Accepted a $7,450, 90-day, 10% note dated this day in granting a time extension on the past-due account Sep. 3 Accepted a $2,100, 60-day, 10% note dated this day in granting Noah Carson a time extension on his past-due the dishonored note plus accrued interest to Midnight co.'s accounts receivable beyond maturity at 8% receivable of MulanCo account receivable Nov. 2 Received payment of principal plus interest from Carson for the September 3 note Nov. 5 Received payment of principal plus interest from Mulan for the August 7 note Dec 1 Wrote off the Privet account against the Allowance for Doubtful AccountsSExplanation / Answer
Date Account title and explanation Debit Credit Dec 16, 2016 Notes receivable -Todd $ 10,800 Accounts receivable - Todd $ 10,800 Dec 31, 2016 Interest receivable ($10,800*8%*15/360) $ 36 Interest revenue $ 36 Feb 14, 2017 Cash $ 10,944 Notes receivable - Todd $ 10,800 Interest revenue ($10,800*8%*45/360) $ 108 Interest receivable $ 36 Mar 2, 2017 Notes receivable -Midnight Co. $ 6,100 Accounts receivable - Midnight Co. $ 6,100 Mar 17, 2017 Notes receivable -Privet $ 2,400 Accounts receivable - Privet $ 2,400 April 16, 2017 Accounts receivable - Privet $ 2,414 Notes receivable - Privet $ 2,400 Interest revenue ($2,400*7%*30/360) $ 14 May 31, 2017 Accounts receivable - Midnight Co. $ 6,222 Notes receivable - Midnight Co. $ 6,100 Interest revenue ($6,100*8%*90/360) $ 122 July 16, 2017 Cash $ 6,286 Accounts receivable - Midnight Co. $ 6,222 Interest revenue ($6,222*8%*46/360) $ 64 Aug 7, 2017 Notes receivable -Mulan Co. $ 7,450 Accounts receivable -Mulan Co. $ 7,450 Sep 3, 2017 Notes receivable -Noah Carson $ 2,100 Accounts receivable -Noah Carson $ 2,100 Nov 2, 2017 Cash $ 2,135 Notes receivable - Noah Carson $ 2,100 Interest revenue ($2,100*10%*60/360) $ 35 Nov 5, 2017 Cash $ 7,636 Notes receivable - Mulan Co. $ 7,450 Interest revenue ($7,450*10%*90/360) $ 186 Dec 1, 2017 Allowance for doubtful accounts $ 2,414 Accounts receivble $ 2,414
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