The following selected transactions are from Ohlde Company:

Required 1. Prepare journal entries to record these transactions and events.
Analysis Component 2. What reporting is necessary when a business pledges receivables as security for a loan and the loan is still outstanding at the end of the period? Explain the reason for this requirement and the accounting principle being satisfied.

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2004 Dec. 16 Accepted a $9,600, 60-day, 9% note dated this day in granting Todd Duke a time exten- sion on his past-due account receivable. 2005 31 Made an adjusting entry to record the accrued interest on the Duke note. Feb. 14 Received Duke's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $4,120, 8%, 90-day note dated this day in granting a time extension on the past- due account receivable from Mare Co. 17 Accepted a $2,400, 30-day, 7% note dated this day in granting Jolene Halaam a time ex- tension on her past-due account receivable. Apr. 16 June 2 Halaam dishonored her note when presented for payment. Mare Co. refuses to pay the note that was due to Ohlde Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Mare Co.'s accounts receivable. July 17 Received payment from Mare Co. for the maturity value of its dishonored note plus inter- est for 46 days beyond maturity at 8%. Aug. 7 Accepted a $5,440, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Birch and Byer Co.