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GL0701 (Algo) Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Lee Company Year 1 December 16 accepted a $22,888, 68-day, 10% note in grasting Carlos Sanchez a time extension on his past due account receivable. December 33ade an adjusting entry to record the accrued interest on the Sanchez note. Year 2 february 14 received Sanchez's payment of principal and interest on the note dated December 16. March 2 Accepted a $11.ee, 10, 90-day note in granting a time extension on the past-due account receivable from Mitchell Company March 17 Accepted a $5,000, 38-day, 7 note in granting Pauls Parker a time extension on her cast-due account receivable. April 15 Parker dishonored her note. August 31 Mitchell Company dishonored its none. accepted a $12,000, 30-day, is note in granting a time extension on the past-due account receivable of sing Company September 3 Accepted a $13,800, 60-day, 18% nete in granting Sarah walker a tine extension on his past-due account receivable. November 2 Received payment of principal olus interest From walker for the September 3 note November Received payment of principal plus interest from king for the August note December 2 wrote off the Parker account against the allowance for Doubtful Accounts. Journal entry worksheet 8 10 > March 17 Accepted a $8.400. 30-day 7% note in granting Paula Parker a time extension on her past due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date March 17 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 February 14 Received Sanchez's payment of principal and interest on the $22.800. 60-day, 10% note dated December 16. The Lee Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST tab. Note Enter debit before credits Date February 14 Cash General Journal Notes receivable C. Sanchez interest receivable 10 > Debit Credit 23.180 22.800 Journal entry worksheet Record entry Clear entry View general journal < Journal entry worksheet 5 April 16 Parker dishonored her note. Noter Enter debits before credits Date April 10 General Journal Debit Credit Record entry Clear entry Journal entry worksheet < Record entry Clear entry View general journal Journal entry worksheet 2 3 45 6 7 234 2345 6 7 8 9 10 > November 5 Received payment of principal plus interest from King for the August 7 note. Note: Enter debit before credits. Date November 05 General Journal Debit Credit Record entry Clear entry View general mal View general journal Journal entry worksheet 3 5 5 8 7 $ 9 10 > May 31 Mitchell Company dishonored its note. Note: Enter debit before credits. 910 > Date May 31 General Journal Debit Credit March 2 Accepted an $11.000, 10%. 90-day nate in granting a time extension on the past due account receivable from Mitchell Company Note: Enter debits before credits. Date March 02 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 3 5 8 9 10 > September 3 Accepted a $13.000, 60-day, 10% note in granting Sarah Walker a time extension on his past-due account receivable. Notes Enter debits before credits Cate September 03 General Journal Debit Credit Record entry Cleary View general jurnal Journal entry worksheet 234 5 6 7 8 910 10 > August 7 Accepted a(n) $12.000, 90-day, 4% note in granting a time extension on the past-due account receivable of King Company Notes Enter debits before credits Date August 07 Record enter General Journal Debit Credit Clear sky Journal entry worksheet 2 3 4 5 6 7 9 10 > November 2 Received payment of principal plus interest from Walker for the September 3 note Record entry Clear entry View general journal Note: Enter debit before credits. Date General Journal Debit Credit November 02 Record entry Clear entry View gal journal 9 10 December 1 Wrote off the Parker account against Allowance for Doubtful Accounts. No additional interest was accrued. Note: Enter debits before credits Oxte December of General Journal Debit Credit Record entry Clear entry View general joumal Enter the principal amount, interest rate, and number of days of interest to be reco total interest revenue agrees with the trial balance. Lee Company Calculation of interest revenue February 14-Sanchez 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 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 Dates: Janua Total interest revenue-Year 2 < Schedule of Receivables Calculation of his