GL0701 - Based on Problem 7-5A LO C2, C3, P4

The following selected transactions are from Taylor Company.

Can you help me with the two requirement for this question?

General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Taylor Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance.

GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Taylor Company, Year 1 Dec. 16 Accepted a $12,000, 60-day, 10% note in granting Rick Mitchell a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Mitchell note. Year 2 Feb. 14 Received Mitchell's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 10%, 90-day note in granting a time extension on the past- due account receivable from Parker Co. 17 Accepted a $10,200, 30-day, 84 note in granting Robert King a time extension on her past-due account receivable. Apr. 16 King dishonored her note. May 31 Parker Co. dishonored its note. Aug. 7 Accepted a $18,eee, 90-day, 84 note in granting a time extension on the past due account receivable of Nguyen Co. Sep. 3 Accepted a $17, 400, 60-day, 104 note in granting Juan Perez a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Perez for the September 3 note. Nov. 5 Received payment of principal plus interest from Nguyen for the August 7 note, Dec. 1 Wrote off the King account against the Allowance for Doubtful Accounts. General General Trial Schedule Calculat.. Require. Journal Ledger Balance of of 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 9 B 10 Feb. 14 Received Mitchell's payment of principal and Interest on the $12,000, 60-day, 10% note dated December 16. The Taylor Company does not prepare reversing entries. Verify the amount of Interest using the Note: Enter debits before credits Dato General Journal Debit Credit Feb 14 View general journal Record entry Clear entry r. 31 Made an adjusting entry to record the accrued interest on the Mitchell note ar 2 b. 14 Received Mitchell's payment of principal and interest on the note dated December 16. 2 Accepted a $9,000, 10%, 90-day note in granting a time extension on the pas due account receivable from Parker Co. 17 Accepted a $10,200, 30-day, 8% note in granting Robert King a time extensio on her past-due account receivable. r. 16 King dishonored her note. 31 Parker Co. dishonored its note. 19. 7 Accepted a $18,000, 90-day, 84 note in granting a time extension on the pas due account receivable of Nguyen Co. ep. 3 Accepted a $17,400, 60-day, 184 note in granting Juan Perez a time extensio on his past-due account receivable. ov. 2 Received payment of principal plus interest from Perez for the September 3 note. lov. 5 Received payment of principal plus interest from Nguyen for the August 7 note. ec. i Wrote off the King account against the Allowance for Doubtful Accounts. ay General General Trial Schedule Calculat. Require... Journal Ledger Balance of of General Ledger Account Cash Account recolvable. Other No. Date Debit Credit Balance No. Date Debit Credit Balance Jan 01 20,250 Jan 01 40,100 Accounts receivable - J. Perez Accounts recevable - Parker Co. No. Date Debit Credit Balance No. Date Debit Credit Balance Jan 01 17,400 Jan 01 9,000 Accounts receivable - Nguyen Date Debit Credit Balance Jan 01 18.000 No. Accounts recevable - R King Date Debit Credit Balance Jan 01 10.200 No. No. Notes recelvable - R. Mitchell Date Debit Credit Balance Jan 01 12.000 No. Allowance for doubtful accounts Date Debit Credit Balance Jan 01 13,000 Interest recevable Date Debit Credit Balance Jan 01 50 No. Merchandise Inventory Date Dobit Credit Jan 01 No. Balance 5.000 Owner's Capital Debit Credit No. Date Jan 01 Balance 119,000 Trial Balance > extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest Year 2 Feb. 14 Received Mitchell's payment of principal and interest December 16. Mar. 2 Accepted a $9,000, 10%, 90-day note in granting a time due account receivable from Parker Co. 17 Accepted a $10, 200, 30-day, 8% note in granting Robert on her past-due account receivable. Apr. 16 King dishonored her note. May 31 Parker Co. dishonored its note. Aug. 7 Accepted a $18,000, 90-day, 8% note in granting a time due account receivable of Nguyen Co. Sep. 3 Accepted a $17,400, 60-day, 10% note in granting Juan on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Perez note. Nov. 5 Received payment of principal plus interest from Nguye note. Dec. 1 Wrote off the King account against the Allowance for D General General Require... Trial Schedule Calculat.. Journal Ledger Balance of of Here are the balances in Accounts and Notes receivable based on your jou Dates: Jan 01 Taylor Co. Schedule of Accounts Receivable Accounts receivable - J. Perez 17,400 Accounts receivable - Parker Co. 9,000 Accounts receivable - Nguyen 18,000 Accounts receivable - R. King 10,200 Total accounts receivable $ 54,600 Taylor Co. Schedule of Notes Receivable Notes receivable - R. Mitchell 12,000 Total accounts receivable $ 12,000 Help Save Ei Check un et al-wueolu Ece Vaule. Apr. 16 King dishonored her note. May 31 Parker Co. dishonored its note. Aug. 7 Accepted a $18,000, 90-day, 84 note in granting a time extension on the past- due account receivable of Nguyen Co. Sep. 3 Accepted a $17,480, 60-day, 104 note in granting Juan Perez a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Perez for the September 3 note. Nov. 5 Received payment of principal plus interest fron Nguyen for the August 7 note. Dec. 1 Wrote off the King account against the Allowance for Doubtful Accounts. Trial Require... General General Schedule Calculat Journal Ledger Balance of of 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 Taylor Co. Calculation of interest revenue February 14 - Mitchell note: Principal Interest rate Number of days' interest to be recorded in Year 2 to Dec 31 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 Schedule of Receivables