Following are selected transactions Dulcinea Company for 2012and 2013. 2012 Dec. 13 Accepted a $9,500, 45-day, 8% note datedDecember 13 in granting Miranda Lee a time extension on herpast-due account receivable. 31 Prepared an adjusting entry torecord the accrued interest on the Lee note. 2013 Jan. 27 ReceivedLee's payment for principal and interest on the note dated December13. Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 ingranting a time extension on the past-due account receivable ofTomas Company. 17 Accepted a $2,000, 30-day, 9% note dated March 17in granting Hiroshi Cheng a time extension on his past-due accountreceivable. Apr. 16 Cheng dishonors his note when presented forpayment. May 1 Wrote off the Cheng account against the Allowancefor Doubtful Accounts. June 1 Received the Tomas payment forprincipal and interest on the note dated March 3. First, completethe table below to calculate the interest amounts. (Do not roundyour intermediate calculations. Use 360 days a year.)
Following are selected transactions Dulcinea Company for 2012and 2013. 2012 Dec. 13 Accepted a $9,500, 45-day, 8% note datedDecember 13 in granting Miranda Lee a time extension on herpast-due account receivable. 31 Prepared an adjusting entry torecord the accrued interest on the Lee note. 2013 Jan. 27 ReceivedLee's payment for principal and interest on the note dated December13. Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 ingranting a time extension on the past-due account receivable ofTomas Company. 17 Accepted a $2,000, 30-day, 9% note dated March 17in granting Hiroshi Cheng a time extension on his past-due accountreceivable. Apr. 16 Cheng dishonors his note when presented forpayment. May 1 Wrote off the Cheng account against the Allowancefor Doubtful Accounts. June 1 Received the Tomas payment forprincipal and interest on the note dated March 3. First, completethe table below to calculate the interest amounts. (Do not roundyour intermediate calculations. Use 360 days a year.)
