8 2016 Dec. 16 Accepted a $13,600, 60-day, 9% note dated this day in granting Da

Question

8 2016 Dec. 16 Accepted a $13,600, 60-day, 9% 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. 2.5 points 2017 Feb. 14 Received Todd' s payment of principal and interest on the note dated December 16 Mar. 2 Accepted a(n) $7,700, 9%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a(n) $2,800, 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 the eBook July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days Aug. 7 Accepted a(n) $8,600, 90-day, 10% note dated this day in granting a time extension on the past-due account Sep. 3 Accepted a(n) $3,700, 60-day, 9% note dated this day in granting Noah Carson a time extension on his past-due dishonored note plus accrued interest to Midnight Co. 's accounts receivable beyond maturity at 98. receivable of Mulan Co. account receivable Print References 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 Required 1-a. First, complete the table below to calculate the interest amount at December 31, 2016 1-b. Use the calculated value to prepare your journal entries for 2016 transactions. 1-c. First, complete the table below to calculate the interest amounts. 1-d. Use those calculated values to prepare your journal entries for 2017 transactions. Complete this question by entering your answers in the tabs below Required 1A Required 1B Required 1C Required 1D First, complete the table below to calculate the interest amounts Total Through Maturity A. Privet Note Mulan Note Midnight Co. Note May 31, September 3, N. Carson Note - Note MarchMarch 17 August 7, 2017 8,600 10% 90/360 2, 2017 2017 2017 2017 Principal Rate (%) Time 7,700 $ 5% 2,800 7% 30/360 3,700 9% 60/360 9% 90/360 46/360

Explanation / Answer

Midnight Co May 31 principal value=7700+(7700*9%/360*90)=$7873

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