Dec.		13		Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable.
		31		Prepared an adjusting entry to record the accrued interest on the Lee note.

Jan.		27		Received Lee's payment for principal and interest on the note dated December 13.
Mar.		3		Accepted a $5,000, 10%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company.
		17		Accepted a $2,000, 30-day, 9% note in granting H. Cheng a time extension on his past-due account receivable.
Apr.		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.

Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries.

• M Lee Note
• Tomas Co Note
• H Cheng Note
• General Journal

Complete the table to calculate the interest amounts.

M Lee Note

	Total Through Maturity	Amount Accrued at December 31	Interest Recognized January 27
Principal
Rate (%)
Time
Total interest

Tomas Co Note

	Total Through
	Maturity
Principal
Rate (%)
Time
Total interest

H Cheng Note

	Total Through
	Maturity
Principal	$2,000
Rate (%)	9%
Time	30/360
Total interest	$15