Business, 17.03.2020 00:51 lilybear1700

Following are selected transactions of Danica Company for 2017 and 2018.2017Dec. 13 Accepted a $16,000, 45-day, 8% 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.2018Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company.17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. 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. June 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.

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Following are selected transactions of Danica Company for 2017 and 2018.2017Dec. 13 Accepted a $16,0...

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