Exercise 9-12 Prepare journal entries for the following transactions of Danica Company for 2016 and 2017. 2016 December 13 Accepted a $9,500, 45-day, 8.0% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. December 31 2017 January 27 Prepared an adjusting entry to record the accrued interest on the Lee note. March 3 March 17 April 16 May 1 June 1 Received Lee's payment for principal and interest on the note dated December 13. Accepted a $5,000, 10.0%, 90-day note dated March 3 in granting a time extension on a past- due account receivable of Tomas Company. Accepted a $2,000, 30-day, 9.0% note dated March 17 in granting Hiroshi Cheng a time extension on his past-due account receivable. Cheng dishonors his note when presented for payment. Wrote off the Cheng account against the Allowance for Doubtful Accounts. Received the Tomas payment for principal and interest on the noted dated March 3.