Exercise 7-11 Notes receivable Prepare journal entries for the following selected transactions of Danica Company for 2016. 2016 Dec. 13 Accepted a $9.500, 45-day, 8% note dated December 13 in granting Miranda Lee a time etet C2 sion on her past-due account receivable. Prepared an adjusting entry to record the accrued interest on the Lee note. 31 Check Dec 31. Cr Interest Revenue. S Refer to the information in Exercise 7-11 and prepare the journal entries for the following selected trans- actions of Danica Company for 2017. se 7-12 Notes receivable transactions P4 2017 Check Jan 27, Dr Cash,Jan. 27 Received Lee's payment for principal and interest on the note dated December 13, Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the pus due account receivable of Tomas Company Accepted a S2.000, 30-day, 9% note dated March 17 in granting H. Cheng a time extension his past-due account receivable. Cheng dishonored his note when presented for payment. Wrote off the Cheng account against the Allowance for Doubtful Accounts. Mar. 3 17 Apr. 16 $9.595 May 1 June 1, Dr Cash June Received the Tomas payment for principal and interest on the note dated March 3 $5,125