i have the general journal done if needed i need help filling this part out The
ID: 2551736 • Letter: I
Question
i have the general journal done if needed i need help filling this part out
The following selected transactions are from Ohlm Company. Dec. 16 Accepted a $10,899, 69-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 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $6,100, 8%, 99-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co 17 Accepted a $2,400, 39-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 the dishonored note plus accrued interest to Midnight Co. 's accounts receivable July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond Aug. 7 Accepted a $7,450, 99-day, 10% note dated this day in granting a time extension on the past-due account receivable Sep. 3 Accepted a $2,100, 69-day, 10% note dated this day in granting Noah Carson a time extension on his past-due account maturity at 8% 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 Accounts Requirement General Trial Balance Schedule of Calculation of Ledger Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total Interest revenue agrees with the trial balance. Dates: Jan o1 to: Dec 31Explanation / Answer
Ohlm Co. Calculation of interest revenue Feb. 14 - Todd note: Principal $ 10,800 Interest rate 8% Number of day's interest to be recorded in 2017 45 $ 108 Apr. 16 - Privet: Principal $ 2,400 Interest rate 7% Number of day's interest to be recorded in 2017 30 $ 14 May 31 - Midnight Co. Principal $ 6,100 Interest rate 8% Number of day's interest to be recorded in 2017 90 $ 122 July 16 - Midnight Co. Principal $ 6,222 Interest rate 8% Number of day's interest to be recorded in 2017 46 $ 64 November 2- Noah Carson Principal $ 2,100 Interest rate 10% Number of day's interest to be recorded in 2017 60 $ 35 November 5 - Mulan Co. Principal $ 7,450 Interest rate 10% Number of day's interest to be recorded in 2017 90 $ 186 Total interest revenue in 2017 $ 529
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