GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Sanchez Company Year 1 Dec. 16 Accepted a $15,880, 6e-day, 12% note in granting Carolyn Collins a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Collins note. Year 2 Feb. 14 Received Collins's payment of principal and interest on the note dated December 16. Mar 2. Accepted a $8,000, 6%, 90-day note in granting . tine extension on the past-due account receivable from Perry Co. 17 Accepted a $12,680, 30 day, 8x note in granting Din Ohle a time extension on her past-due account receivable. Apr. 16 Ohla dishonored her note. May 31 Perry Co. dishonored its note. Aug. 7 Accepted $12,000, 90-day, 8% note in granting time extension on the past due account receivable of Gonzalez co. Sep. 3. Accepted a $6,680, 60-day, 10% note in granting Grer Taylor a time extension on his past-due account receivable. 2 Received payment of principal plus interest from Taylor for the September 3 note. 5 Received payment of principal plus interest from Gonzalez for the August 7 note. Dec. 1 wrote off the Ohlm account against the Allowance for Doubtful Accounts. Nov. Nov. General General Schedule of Calculation of Requirement Trial Balance Journal 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: Jan 01 to! Dec 31 Sanchez Co Sanchez Co. Calculation of interest revenue February 14 - Collins 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 S 0