1.

• Feb. 14 Received Turner's payment of principal and interest on the $14,400, 60-day, 8% note dated December 16. The Griffin Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab.
• Mar. 2 Accepted an $11,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Duerr Co.
• Mar. 17 Accepted a $11,400, 30-day, 10% note in granting June Taylor a time extension on her past-due account receivable.
• Apr. 16 Taylor dishonored her note.
• May 31 Duerr Co. dishonored its note.
• Aug. 7 Accepted a(n) $22,000, 90-day, 12% note in granting a time extension on the past-due account receivable of Lee Co.
• Sept. 3 Accepted a $4,200, 60-day, 10% note in granting Lindsey Martin a time extension on his past-due account receivable.
• Nov. 2 Received payment of principal plus interest from Martin for the September 3 note.
• Nov. 5 Received payment of principal plus interest from Lee for the August 7 note.
• Dec. 1 Wrote off the Taylor account against Allowance for Doubtful Accounts. No additional interest was accrued.

GL0701 . Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Griffin Company. Year 1 Dec. 16 31 Accepted a $14,400, 60-day, 8% note in granting Tony Turner a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Turner note. Year 2 Feb. 14 Mar. 2 17 Apr. 16 May 31 Aug. 7 Sep. 3 Nov. 2 Nov. 5 Dec. 1 Received Turner's payment of principal and interest on the note dated December 16. Accepted a $11,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Duerr Co. Accepted a $11,400, 30-day, 10% note in granting June Taylor a time extension on her past-due account receivable. Taylor dishonored her note. Duerr Co. dishonored its note. Accepted a $22,000, 90-day, 12% note in granting a time extension on the past-due account receivable of Lee Co. Accepted a $4,200, 60-day, 10% note in granting Lindsey Martin a time extension on his past-due account receivable. Received payment of principal plus interest from Martin for the September 3 note. Received payment of principal plus interest from Lee for the August 7 note. Wrote off the Taylor account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Feb. 14 Received Turner's payment of principal and interest on the $14,400, 60-day, 8% note dated December 16. The Griffin Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab