GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Mitchell Company, Year 1 Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Kathy Perry a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Perry note. Year 2 Feb. 14 Received Perry's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $11,000, 64, 90-day note in granting a time extension on the past-due account receivable from Oh im Co. 17 Accepted a $14,400, 30-day, 74 note in granting Jean Clark a time extension on her past-due account receivable. Apr. 16 Clark dishonored her note. May 31 Ohlm Co. dishonored its note. Aug. 7 Accepted a $18,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Wilson Co. Sep. 3 Accepted a $10,200, 60-day, 10% note in granting Susan Allen a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Allen for the September 3 note. Nov. 5 Received payment of principal plus interest from Wilson for the August 7 note. Dec. 1 Wrote off the Clark account against the Allowance for Doubtful Accounts. 5 Receivables General General Requirement Journal Ledger Trial Balance Schedule of Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of interes ensure the accuracy of your entries. View transaction list Journal entry worksheet 2 3 2 5 8 9 10 Feb. 14 Received Perry's payment of principal and interest on the $20,400, 60- day, 12% note dated December 16. The Mitchell Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. 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 ensure the accuracy of your entries. View transaction list Journal entry worksheet 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 "Calcul ensure the accuracy of your entries. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Mar. 2 Accepted an $11,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Ohlm Co. Note: Enter debits before credits. Date General Journal Debit Credit Mar 02 Record entry Clear entry View general journal General General Schedule of Calculation of Requirement Trial Balance Journal Ledger Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Cal. ensure the accuracy of your entries. View transaction list Journal entry worksheet N 4 5 7 8 9 10 Mar. 17 Accepted a $14,400, 30-day, 7% note in granting Jean Clark a time extension on her past-due account receivable. es Note: Enter debits before credits. Date General Journal Debit Credit Mar 17 Record entry Clear entry View general journal Requirement General General Journal Schedule of Calculation of Ledger Trial Balance Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Ca ensure the accuracy of your entries. View transaction list Journal entry worksheet 1 2 3 3 LLLLLLS 5 6 7 8 9 10 Apr. 16 Clark dishonored her note. Note: Enter debits before credits. Date General Journal Debit Credit Apr 16 Record entry Clear entry View general journal 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 ensure the accuracy of your entries. View transaction list Journal entry worksheet 1 2 3 5 6 7 8 9 10 May 31 Ohlm Co. dishonored its note. Note: Enter debits before credits. General Journal Debit Date May 31 Credit Record entry Clear entry View general journal 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 ensure the accuracy of your entries. View transaction list Journal entry worksheet 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 ensure the accuracy of your entries. View transaction list Journal entry worksheet Sept. 3 Accepted a $10,200, 60-day, 10% note in granting Susan Allen a time extension on his past-due account receivable. Note: Enter debits before credits. General Journal Debit Credit Date Sep 03 Record entry Clear entry View general journal 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 ensure the accuracy of your entries. ped View transaction list Journal entry worksheet bok int Nov. 2 Received payment of principal plus interest from Allen for the September 3 note. ences Note: Enter debits before credits. Date Nov 02 General Journal Dobit Credit Record entry Clear entry View general journal 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 th ensure the accuracy of your entries. ed View transaction list Journal entry worksheet 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 ti ensure the accuracy of your entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 00 8 9 9 10 Dec. 1 Wrote off the Clark account against Allowance for Doubtful Accounts. No additional interest was accrued. Note: Enter debits before credits. Date General Journal Debit Credit Dec 01 Record entry Clear entry View general journal MyEagle SL P7-5a Saved LULOI HRV ayies w ure 101 VILE Dates: Jan Mitchell Co. Calculation of interest revenue February 14 - Perry note: Principal Interest rate Number of days' interest to be recorded in Year 2 ed + Number of days interest to be recorded in Year 2 ces 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
