GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Walker Company. Year 1 December 16 Accepted a $18,000, 60-day, 8% note in granting Greg Taylor a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Taylor note. Year 2 February 14 Received Taylor's payment of principal and interest on the note dated December 16. March 2 Accepted a $7,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Allen Company March 17 Accepted a $6,000, 30-day, 7% note in granting Isaac Carter a time extension on her past-due account receivable. April 16 Carter dishonored her note. 31 Allen Company dishonored its note. August 7 Accepted a $18,000, 90-day, 6 % note in granting a time extension on the past-due account receivable of Turner Company September 3 Accepted a $9,000, 60-day, 10 % note in granting Edward Lee a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Lee for the September 3 note. November 5 Received payment of principal plus interest from Turner for the August 7 note. December 1 Wrote off the Carter account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > February 14 Received Taylor's payment of principal and interest on the $18,000, 60-day, 8% note dated December 16. The Walker Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. Note: Enter debits before credits. Date February 14 General Journal Notes receivable G. Taylor Accounts receivable - G. Taylor Debit Credit 18,000 18,000 Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > March 2 Accepted an $7,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Allen Company Note: Enter debits before credits. Date March 02 General Journal Debit Credit Journal entry worksheet > 1 2 3 4 5 6 7 8 9 10 > March 17 Accepted a $6,000, 30-day, 7% note in granting Isaac Carter a time extension on her past-due account receivable. Note: Enter debits before credits. Date March 17 General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 April 16 Carter dishonored her note. Note: Enter debits before credits. Date April 16 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 60 5 6 7 8 9 10 > May 31 Allen Company dishonored its note. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Journal entry worksheet 1 2345 6 7 8 9 10 August 7 Accepted a(n) $18,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Turner Company Note: Enter debits before credits. Date August 07 General Journal Debit Credit Journal entry worksheet < 1 2 3 456 7 8910 September 3 Accepted a $9,000, 60-day, 10% note in granting Edward Lee a time extension on his past-due account receivable. Note: Enter debits before credits. Date September 03 General Journal Debit Credit Prev 1 of 1 Next > Journal entry worksheet 1 234567 8 9 10 > November 2 Received payment of principal plus interest from Lee for the September 3 note. Note: Enter debits before credits. Date November 02 General Journal Debit Credit Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 10 November 5 Received payment of principal plus interest from Turner for the August 7 note. Note: Enter debits before credits. Date November 05 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > December 1 Wrote off the Carter account against Allowance for Doubtful Accounts. No additional interest was accrued. Note: Enter debits before credits. Date December 01 General Journal Debit Credit Walker Company Calculation of interest revenue February 14 - Taylor note: Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Principal Interest rate Number of days' interest to be recorded in Year 2 Da Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Total interest revenue - Year 2 Sobodule of Deceivables $ 0