GL0701 Based on Problem 7 5A LO C2, C3, P4 The following selected transactions are from Griffin Company Year 1 Dec 16 Accepted a $14, 400, 60 day, 8 note in granting Tony Turner a time extension on his past due account receivable Made an adjusting entry to record the accrued interest on the Turner not 31 lote Year 2 Feb 14 Mar 2 17 Apr 16 May 31 Aug 7 Received Turner's payment of principal and interest on the note dated December 16 Accepted a $11,000, 83, 90 day note in granting a time extension on the past due account receivable from Duerr Co Accepted a $11,400, 30 day, 10 note in granting June Taylor a time extension on her past due account receivable Taylor dishonored her note Duerr Co dishonored its note Accepted a $22,000, 90 day, 123 note in granting a time extension on the past due account receivable of Lee Co Accepted a $4,200, 60 day, 103 note in granting Lindsey Martin a time extension on his past due account receivable Received payment of principal plus interest from Martin for the September 3 note Received payment of principal plus interest from Lee for the August 7 note Wrote off the Taylor account against the Allowance for Doubtful Accounts Sep 3 Nov Nov Dec 2 5 1 Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Receivables Interest General Journal tab Prepare the Year 2 journal entries related to the notes and accounts receivable of Griffin Co Calculation of interest tab Use the interest formula (P xRxT) to verify the amount of interest recorded in your entries Verify that total interest revenue agrees with the trial balance

Question

GL0701   Based on Problem 7 5A LO C2, C3, P4 The following selected transactions are from Griffin Company  Year 1 Dec  16 Accepted a $14, 400, 60 day, 8  note in granting Tony Turner a time extension on his past due account receivable  Made an adjusting entry to record the accrued interest on the Turner not 31 lote  Year 2 Feb  14 Mar  2 17 Apr  16 May 31 Aug  7 Received Turner's payment of principal and interest on the note dated December 16  Accepted a $11,000, 83, 90 day note in granting a time extension on the past due account receivable from Duerr Co  Accepted a $11,400, 30 day, 10  note in granting June Taylor a time extension on her past due account receivable  Taylor dishonored her note  Duerr Co  dishonored its note  Accepted a $22,000, 90 day, 123 note in granting a time extension on the past due account receivable of Lee Co  Accepted a $4,200, 60 day, 103 note in granting Lindsey Martin a time extension on his past due account receivable  Received payment of principal plus interest from Martin for the September 3 note  Received payment of principal plus interest from Lee for the August 7 note  Wrote off the Taylor account against the Allowance for Doubtful Accounts  Sep  3 Nov  Nov  Dec  2 5 1 Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Receivables Interest General Journal tab   Prepare the Year 2 journal entries related to the notes and accounts receivable of Griffin Co  Calculation of interest tab   Use the interest formula (P xRxT) to verify the amount of interest recorded in your entries  Verify that total interest revenue agrees with the trial balance

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GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Griffin Company. Year 1 Dec. 16 Accepted a $14,

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