Following are transactions of The Barnett Company (round the answer to two decimal places):
Oct. 31 Accepted a $22,000, 60-day, 5% note dated this day in granting Carmel Karuthers a time extension on her past-due account.
31 Made an adjusting entry to record the accrued interest on the Karuthers note.
31 Closed the Interest Revenue account.
2015
Feb. 14 Received Karuthers' payment for the principal and interest on the note dated December 16.
Mar. 2 Accepted an $8,000, 4%, 90-day note dated this day in granting a time extension on the past-due account of ATW Company.
17 Accepted a $3,200, 30-day, 4.5% note dated this day in granting Leroy Johnson a time extension on his past-due account.
May 31 Received ATW's payment for the principal and interest on the note dated
March 2.
Required
Prepare journal entries to record The Barnett Company's transactions.