GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Nguyen Company. Year 1 December 16 Accepted a $16,800, 60-day, 12% note in granting Sarah Walker a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Walker note. Year 2 February 14 Received Walker's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Perez Company March 17 Accepted a $19,800, 30-day, 8% note in granting Leslie Stone a time extension on her past-due account receivable. April 16 Stone dishonored her note. 31 Perez Company dishonored its note. August 7 Accepted a $22,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Allen Company September 3 Accepted a $5,400, 60-day, 10% note in granting Melanie Duerr a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Duerr for the September 3 note. November 5 Received payment of principal plus interest from Allen for the August 7 note. December 1 Wrote off the Stone 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 3456 7 8 9 10 > February 14 Received Walker's payment of principal and interest on the $16,800, 60-day, 12% note dated December 16. The Nguyen 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 Debit Credit Nguyen Company Calculation of interest revenue February 14 - Walker 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 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