Questions -
1. Dominika Company's December 31 year-end unadjusted trial balance shows a $10,000 balance in Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days.
Prepare journal entries for December 31 and for the note's maturity date assuming it is honored. (Use 360 days a year. If no entry is required for an event, select "No journal entry required" in the first account field.)
Record the year-end adjustment related to this note
Record the year-end adjustment related to this note, if any.Prepare journal entries for December 31 and for the note's maturity date assuming it is honored. (Use 360 days a year. Assume no reversing entries were prepared.)
2. The following selected transactions are from Ohlmeyer Company.
2012
Dec. 16 Accepted a $10,800, 60-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.
2013
Feb. 14 Received Todd's payment of principal and interest on the note dated December 16.
Mar. 2 Accepted an $6,100, 8%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co.
Mar. 17 Accepted a $2,400, 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.
June 2 Midnight Co. refuses to pay the note that was due to Ohlmeyer Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivable.
July 17 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%.
Aug. 7 Accepted an $7,450, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Mulan Co.
Sept. 3 Accepted a $2,100, 60-day, 10% note dated this day 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 Allowance for Doubtful Accounts.
What will be the Total interest for:
- December 16, 2012
- March 22, 2013
- March 17, 2013
- August 7, 2013
- June 2, 2013
- September 3, 2013