GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 - The following selected transactions are from Collins Company. Year 1 December 16 Accepted $25,209, 60-day, 8x note in granting Paul Brown 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, 3%, 99-day note in granting a tine extension on the past-due account receivable from Gonzalez Company March 17 Accepted a $16,400, 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, 9e-day, 10% note in granting a time extension on the past due account receivable of Martin Company September Accepted a $15,000, 60-day, 10% note in granting Rick Mitchell . tine 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 General Journal Trial Balance Schedule of Calculation of Ledger Receivables Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: January 01 to: January 31 Collins Company Calculation of interest revenue February 14. Brown note: Principal 25 200 Requirement General General Schedule of Calculation of Journal Trial Balance Ledger Receivables Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. 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 $ 25 200 8.0% 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 Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 ho Number of days' interest to be recorded in Year 2 Total interest revenue - Year 2 0