om Xssment iZakariye - OhioLINKmheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252FmghmiddleInterestAmountsFollowing are transactions for Vitalo Company.November 1 Accepted a $7,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due accountreceivable.December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.April 30 White honored her note when presented for payment.Complete this question by entering your answers in the tabs below.View transaction list<XGeneralJournalUse those calculated values to prepare your journal entries.Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare yourjournal entries. (Do not round intermediate calculations. Use 360 days a year.)1Web Login Service - Stale XJournal entry worksheet2DateNovember013DEL Ch 7: Assessment - Essent XNote: Enter debits before credits.SavedAccepted a $7,000, 180-day, 5% note from Kelly White in granting a timeextension on her past-due account receivable.General Journal< PrevDebitCreditQuestion 1- Ch 7: Assessm X1 of 5>AnsNext >Hel m xZakariye - OhioLINK=sment iWeb Login Service - Stalemheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252FmghmiddlewaInterestAmountsXFollowing are transactions for Vitalo Company.November 1 Accepted a $7,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due accountreceivable.December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.April 30 White honored her note when presented for payment.GeneralJournalPrincipalRate (%)TimeTotal interestComplete this question by entering your answers in the tabs below.D2L Ch 7: Assessment - Essent XTotal ThroughMaturityComplete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare yourjournal entries. (Do not round intermediate calculations. Use 360 days a year.)SavedComplete the table to calculate the interest amounts at December 31st and April 30thJanuary 1November 1ThroughDecember 31ThroughApril 30< Interest Amounts< PrevQuestion 1 - Ch 7: Assessm XGeneral Journal >1 of 5AnswerNext >Help

Interest from November 1st to December 31st = $7,000×5%×60/360 =$58.3333333333

Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts Use those calculated values to prepare your journal entries. View transaction list General Journal Journal entry worksheet < 1 2 Date November 01 3 Accepted a $7,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. Note: Enter debits before credits. General Journal Debit < Prev Credit 1 of 5 > Next >

Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Interest Amounts Use those calculated values to prepare your journal entries. View transaction list General Journal Journal entry worksheet < 1 2 Date November 01 3 Accepted a $7,000, 180-day, 5% note from Kelly White in granting a time extension on her past-due account receivable. Note: Enter debits before credits. General Journal Debit < Prev Credit 1 of 5 > Next >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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