Reference no: EM131105099
Following are selected transactions Denim Company for 201/ and 2015.
2014
Dec. 13 Accepted a 814,000, 45day 10% note dated December 13 in granting Miranda Lee a time extension on her p3st,due account receivable.
31 Prepared an adjusting entry. record the accrued interest on the Lee note.
2015.
Jan. 27 Received Lee's ceyment tor principal and nterest. the note dated December 13.
Mar 3 Accepted a $8,000, 8%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Tom Company.
17 Accepted a 86,000, as 10% note dated March 17 in granting H. Chong a time extension on
his pastdue aceount re.eivable.
Apr. 16 Cheng dishonors Ms note when presented for payrnent.
May 1 Wrote off the 1.1. Chong account against the Allowance for Doubtful Accounts.
June 1 Received the Tomas payment for principal and interest on the note dated March 3.
First, complete the table below to calculate the interest amounts.
|
Total Through Maturity |
Amount Accrued at December 31 |
Intterest Recognized January 27 |
| Principal |
$14,000 |
$14,000 |
$14,000 |
| Rate(%) |
10% |
10% |
10% |
| Time |
45/360 |
18/360 |
27/360 |
| Total Interest |
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The company uses an annual holding cost rate
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