# 3 e d Following are transactions of Danica Company. December 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $5,000, 10%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $2,000, 30-day, 9% note in granting H.Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. No. Date General Journal Debit C $ 54 f N 45 Chapter 7 - Notes Receivable and Ratios % t 60 6.0 Oll a> M y & 7 h U 8 j Credit ( 9 k

Chapter 7 - Notes Recelvable and Ratios Following are traneactions of Danca Company December 13 Accepted a 99,500,45 day, 8% note in granting Miranda tee a time entersion on her past due account roceivalie. Docember 34 Prepared an adfusting entry to rucond the acconud interest on the Lee rote January Receivod Leels payment for principal and interest on the note dated December 13 27 27 March 3 Accepted a $5,000,10%, 90-dyy note in granting a time exterasion on the past-due account recevable of Tortas Compary. Aprt 18H. Cheng os shonoced his note. May 1 Whote of the H. Oheng account againat the Allowance for Doubtul Accounts. June 1 Received the Tomas parment for orincios and interest on the note dved March 3