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2014 Dec. 13 Accepted a $26,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable 31
2014 Dec. 13 Accepted a $26,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable 31 Prepared an adjusting entry to record the accrued interest on the Clark note 2015 Jan. 27 Received Clark's payment for principal and interest on the note dated December 13 Mar. 3 Accepted a $20,000, 796, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company 17 Accepted a $18,000, 30-day, 7% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable Apr. 16 Torres dishonors his note when presented for payment May 1 Wrote off the Torres account against the Allowance for Doubtful Accounts June 1 Received the Shandi payment for principal and interest on the note dated March 3 Prepare journal entries for the above transactions for 2015. (Use 360 days a year. Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the "$" sign in your response.) Credit Date 2015 Debit General Journal Jan. 27Cash 26260 Interest receivable Interest revenue Notes receivable-L. Clark 104 156 26,000 Mar. 3 Notes receivable-Shandi Co 20000 Accounts receivable-Shandi Co 20000 17 Notes receivable-J. Torres 18000 Accounts receivable-J. TorresV 18000 Apr. 16 Accounts receivable-J. Torres 18105 Interest revenue 105 Notes receivable-J. Torres 18,000 Allowance for doubtful accounts May 1 18105 Accounts receivable-J. Torres 18105 June 1 Cash 30350 Interest revenue 350 Notes receivable-Shandi Co 30,000
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