Required Information [The following Information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due a receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your Note: Do not round your Intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st Total Through Maturity Interest Recognized December 31 Principal Rate (%) 8% Time 45/360 Total interest General Journal
Required Information [The following Information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $14,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due a receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your Note: Do not round your Intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st Total Through Maturity Interest Recognized December 31 Principal Rate (%) 8% Time 45/360 Total interest General Journal
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 14EA: Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1,...
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![Required Information
[The following Information applies to the questions displayed below.]
Following are transactions of Danica Company.
December 13 Accepted a $14,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account
receivable.
December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.
Note: Do not round your Intermediate calculations. Use 360 days a year.
Complete this question by entering your answers in the tabs below.
Interest
Amounts
General
Journal
Complete the table to calculate the interest amounts at December 31st.
Total Through
Maturity
Interest
Recognized
December 31
Principal
Rate (%)
8%
Time
45/360
Total interest
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F95d3cefa-f385-4533-bd54-0f229347f860%2Fcce8b4c7-0ba3-4bd0-a127-c8a146d577b3%2Ftmwcuvf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following Information applies to the questions displayed below.]
Following are transactions of Danica Company.
December 13 Accepted a $14,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account
receivable.
December 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.
Note: Do not round your Intermediate calculations. Use 360 days a year.
Complete this question by entering your answers in the tabs below.
Interest
Amounts
General
Journal
Complete the table to calculate the interest amounts at December 31st.
Total Through
Maturity
Interest
Recognized
December 31
Principal
Rate (%)
8%
Time
45/360
Total interest
General Journal >
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