GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Collins Company. Year 1 December 16 Accepted a $25,200, 60-day, 8% note in granting Paul Brown a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Brown note. Year 2 February 14 Received Brown's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000, 88, 90-day note in granting a time extension on the past-due account receivable from Gonzalez Company March 17 Accepted a $16,800, 30-day, 7% note in granting Jeffrey Wilson a time extension on her past-due account receivable. April 16 Wilson dishonored her note. 31 Gonzalez Company dishonored its note. August 7 Accepted a $12,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Martin Company September 3 Accepted a $15,000, 60-day, 10% note in granting Rick Mitchell a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Mitchell for the September 3 note. November 5 Received payment of principal plus interest from Martin for the August 7 note. December 1 Wrote off the Wilson account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of 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. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of 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 February 14 Received Brown's payment of principal and interest on the $25,200, 60-day, 8% note dated December 16. The Collins Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. Note: Enter debits before credits. Date General Journal Debit Credit February 14 Record entry Clear entry View general lournal Dates: January 01 to: January 31 Collins Company Calculation of interest revenue February 14 - Brown 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