Chapter 7 - Notes Receivable and Ratios Foliowing 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 teceivable. December 31 Prepared an adjusting entry to record the accrued interest on the lee note. January Received Lee's payment for principal and interest on the note dated December 13. 27 27. March 3 Accepted a $5,000,10%,90-day note in granting a tume 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. Apra 101t Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtul Accounts