7 Application Problems Saved Help Save & Exit Submit Check my work GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Parker Company. Year 1 Dec. 16 Accepted a $24,000, 60-day, 128 note in granting Jin Ohlm a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Ohim note. Year 2 Feb. 14 Received Ohlm's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 68, 90-day note in granting a tine extension on the past-due account receivable from Clark Co. 17 Accepted a $16,200, 30-day, 108 note in granting Sarah Walker a time extension on her past-due account receivable Apr. 16 Walker dishonored her note. May 31 clark Co. dishonored its note. 7 Accepted a $10,000, 90-day, 128 note in granting a time extension on the past-due account receivable of Lee Co. Sep. 3 Accepted a $13,800, 60-day, 108 note in granting Isaac Carter a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Carter 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 Walker account against the Allowance for Doubtful Accounts. Aug. UN 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 Journal entry worksheet 1 2 2 3 4 5 6 7 8 9 10 > Mar. 17 Accepted a $16,200, 30-day, 10% note in granting Sarah Walker a time extension on her past-due account receivable. Note: Enter debits before credits. General Journal Date Mar 17 Debit Credit Record entry Clear entry View general journal