February 2nd payment is $718

day, 10% note. previous sale from the Phackson Firm. which included $18 of interest. Problem 8-2 The Cascot Firm has the following transactions: Jan. 10 Sold merchandise to Lovely Firm in the amount of $795. Accepted a Jan. 21 Accepted a $1250, 30-day, 10% note as a time extension on payment Feb. 2 Received payment on a previously granted note. The payment was su Feb. 9 Feb. 20 Received payment in full from the Jan. 10" sale to the Lovely Fim Oct. 30 Wrote off the Phackson note as uncollectible. The Phackson Firm dishonored the Jan 21 note. Dec. 1 Surprisingly received payment in full from the Phackson Firm. The payment equals the original maturity value of the note. Required: Assume the Cascot Firm uses the allowance method to write off accounts 1.) Prepare the general journal entries to record the transactions