View the step-by-step solution to: 1 Dominika Companys December 31 year-end unadjusted trial balance

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This question was answered on Apr 14, 2013. View the Answer
The attach document is my question
Accounting.docx

1
Dominika Companys 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 notes 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 notes 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 Todds 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 pastdue account receivable from Midnight Co.
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 pastdue 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

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Attached Excel file contains m... View the full answer

Solutions to assignment of MfoneB (April 14).xlsx

Solutions to assignment of MfoneB (April 14)
1.

Dominika Company
Dec. 31
Jan. 15

2.

Interest receivable ($10,000 x 0.06 x 1/12)
Interest revenue
Cash
Notes receivable
Interest receivable...

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