Business, 29.10.2020 09:50 zafarm2oxgpmx

Please please help me out here. You will earn my profound admiration. SO BASICALLY:

Required:

1-a. First, complete the table below to calculate the interest amount at December 31, Year 1.

1-b. Use the calculated value to prepare your journal entries for Year 1 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 Year 2 transactions.

2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

Kill me.

The following transactions are from Ohlm Company. (Use 360 days a year.)

Year 1

Dec. 16 Accepted a $11,100, 60-day, 8% note 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.

Year 2

Feb. 14 Received Todd’s payment of principal and interest on the note dated December 16.

Mar. 2 Accepted a(n) $6,800, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.

17 Accepted a(n) $3,200, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable.

Apr. 16 Privet dishonored her note.

May 31 Midnight Co. dishonored its note.

Aug. 7 Accepted a(n) $7,100, 90-day, 9% note in granting a time extension on the past-due account receivable of Mulan Co.

Sep. 3 Accepted a(n) $2,470, 60-day, 9% note in granting Noah Carson a time extension on his past-due 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 Accounts.

First, complete the table below to calculate the interest amount at December 31, Year 1.

Total Through Maturity Interest Recognized December 31

Principal

Rate (%)

Time

Total interest

Double entries:

Dec 16 : Accepted a $11,100, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.

Dec 31: Made an adjusting entry to record the accrued interest on the Todd note.

irst, complete the table below to calculate the interest amounts. (Do not round intermediate calculations.)

Total Through Maturity

Midnight Co. Note - March 2, Year 2 A. Privet Note - March 17, Year 2 Mulan Note - August 7, Year 2 N. Carson Note - September 3, 2017

Principal

Rate (%)

Time

Total interest

If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables?

The pledge of receivables is shown in the

Ten journal entries to go with the ugliness listed above from both year one and year two.

THANK YOU, YOU ARE AN EXCELLENT HUMAN BEING.

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