a Saved The following selected transactions are from Mitchell Company 2016 Dec. 16 Accepted a $20,400, 60-day, 12 % note dated this day in granting Kathy Perry a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Perry note. 31 2017 Feb. 14 Received Perry's payment of principal and interest on the note dated Decenber 16. 2 Accepted a $11,000, 6%, 90-day note dated this day in granting a time extension on the past-due account receivable from Ohlm Co. 17 Accepted a $14,400, 30-day, 7% note dated this day in granting Jean Clark a time extension on her past-due account receivable. Mar. Apr. 16 Clark dishonored her note when presented for paysent. Ohlm Co. refused to pay the note that was due to Mitchell Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Ohlm Co."s accounts receivable. May 31 July 16 Received payment from Ohlm Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity a 6%. Aug. Accepted a $18,000, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Wilson Co. 3 Accepted a $10,200, 60-day, 10% note dated this day in granting Susan Allen a time extension on his past-due account receivable. 2 Received payment of principal plus interest from Allen for the September 3 note. Received payment of principal plus interest from Wilson for the August 7 note. Wrote off the Clark account against the Allowance for Doubtful Accounts. 7 Sep. Nov. Nov. 5 Dec. 1 General Journal General Schedule of Receivables Requirement Calculation of Interest Trial Balance Ledger General Ledger Account Cash Account receivable - Other Prey 1 of 1 Next The followinq selected transactions are from Mitchell Company. 2016 Dec. 16 Accepted a $20,400, 60-day, 12% note dated this day in granting Kathy Perry a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Perry note. 2017 Feb. 14 Received Perry's payment of principal and interest on the note dated December 16. 2 Accepted a $11,000, 6%, 98-day note dated this day in granting a time extension on the past-due account receivable from Ohlm Co. 17 Accepted a $14,400, 30-day, 7% note dated this day in granting Jean Clark a time extension on her past-due account receivable. Mar. Apr. 16 clark dishonored her note when presented for payment. Ohlm Co. refused to pay the note that was due to Mitchell Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Ohlm Co.'s accounts receivable. Received payment from Ohlm Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity a May 31 July 16 6%. Accepted a $18,000, 90-day, 10% note dated this day in granting Wilson Co. Accepted a $10,200, 60-day, 10% note dated this day in granting Susan Allen a time extension on his past-due account receivable. Received payment of principal plus interest from Allen for the September 3 note. Received payment of principal plus interest from Wilson for the August 7 note. Wrote off the Clark account against the Allowance for Doubtful Accounts. a time extension on the past-due account receivable of Aug. 7 Sep. Nov. 2 Nov. 5 Dec. 1 Geeral Journal General Ledger Schedule of Receivables Calculation of Trial Balance Requirement Interest General Journal tab Prepare the 2017 journal entries related to the notes and accounts receivable of Mitchell Co. Calculation of interest tab Use the interest formula (P x Rx T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance. Journal entry worksheet 2 3 4 6 7 11 Feb. 14 Received Perry's payment of principal and interest on the $20,400, 60- day, 12% note dated December 16. The Mitchell Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab, Note: Enter debits before credits. Date General Journal Debit Credit Feb 14 Record entry Clear entry View general journal Journal entry worksheet 4 5 1 3 6 7 11 Mar. 2 Accepted an $11,000, 6% , 90-day note dated this day in granting time extension on the past-due account receivable from Ohlm Co. a Note: Enter debits before credits. General Journal Debit Credit Date Mar 02 Record entry Clear entry View general journal 7 GL P 7-5a Saved 1 Journal entry worksheet 8 11 Jul. 16 Received payment from Ohlm Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 6 %. (Round interest to the nearest whole dollar.) Note: Enter debits before credits. Date General Journal Debit Credit Jul 16 Record entry Clear entry View general journal
