Following are selected transactions of Danica Company for 2016 and 2017.

2016

Dec.13Accepted a $12,000, 45-day, 10% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.31Prepared an adjusting entry to record the accrued interest on the Lee note.

2017

Jan.27Received Lee's payment for principal and interest on the note dated December 13. Mar.3Accepted a $6,000, 6%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company.17Accepted a $4,000, 30-day, 10% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable. Apr.16H. Cheng dishonored his note when presented for payment. May1Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June1Received 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 the journal entries. (Do not round intermediate calculations. Use 360 days a year.)

• 1 What is the entry for M Lee Note?
• 2 What is the entry for Tomas Co Note?
• 3 What is the entry for H Cheng Note?
• 4 How should the General Journal look?