What will be the total interest for September 3, 2013. The following selected transactions are...
Question:
The following selected transactions are from Ohlmeyer Company.
- 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.
- Dec. 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 a $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% not 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 fo 46 days beyond maturity at 8%.
- Aug 7: Accepted a $7,450, 90-day, 10% not dated this day in granting a time extension on the past-due account receivable for 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 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 September 3, 2013.
Dishonored Note Receivable
A dishonored note is a note that is not paid by the issuer at the maturity date of the note. The issuer is supposed to pay the principal amount plus the interest accrued from the date of issuance until the maturity or before if payment is made earlier. When a note is dishonored, the amount is transferred back to the Accounts Receivable.
Answer and Explanation: 1
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View this answerJournal Entries
| Date | Account Description | Debit | Credit |
|---|---|---|---|
| 16-Dec-12 | Note Receivable | 10,800 | ... |
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