7.50 Saved Help Sa GLO701 (Algo). Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Lee Company Year 1 December 16 Accepted a $22,800, 60-day, 102 note in granting Carlos Sanchez a time extension on his pant-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Sanchez note. Year 2 February 14 Received Sanchez's payment of principal and interest on the note dated December 16. March 2 Accepted a $11,000, 108, 90-day note in granting a time extension on the past-due account receivable from Mitchell Company March 17 Accepted a $8,400, 30-day, 7t note in granting Paula Parker a time extension on her past-due account receivable. April 16 Parker dishonored her note. 31 Mitchell Company dishonored its note. August 7 Accepted a $12,000, 90-day, 6 note in granting a time extension on the past-due account receivable of King Company September 3 Accepted a $13,800, 60-day, 101 note in granting Sara Walker a time extension on his post-due account receivable. November 2 Received payment of principal plus interest from Walker for the September ) note. November 5 Received payment of principal plus interest from King for the August 7 note. December 1 wrote off the Parker account against the Allowance for Doubtful Accounts. General General Schedule of Calculation of Requirement Journal Trial Balance Ledger Receivables 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. Prey 1 of 1 Next S18 tv A g receivable. November 2 Received payment of principal plus interest from Walker for the September 3 note. November 5 Received payment of principal plus interest from King for the August 7 note. December 1 wrote off the Parker account against the Allowance for Doubtful Accounts. Answer is not complete. General Requirement General Schedule of Calculation of Journal Trial Balance Ledger Receivables 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. No Date General Journal Debit Credit 1 February 14 Notes receivable - King 11,000 Accounts receivable - C. Sanchez 22,800 2 March 02 Interest receivable Interest revenue Prey. 1 of 1 HE Next DCI a A @ tv 18 ee -5a Lee Company Calculation of interest revenue February 14 - Sanchez note: Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Prey. 1 Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Total interest revenue - Year 2 - $ 0