GL0901 - Based on Problem 9-5A LO C2, C3, P4 The following selected transactions are from Lee Company Year 1 Dec. 16 Accepted a $13,200, 60-day, 12% note in granting Juan Perez a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Perez note. Year 2 Feb. 14 Received Perez's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $8,800, 6%, 90-day note in granting a time extension on the past-due account receivable from Stone Co. 17 Accepted a $3,600, 30-day, 9% note in granting Rita Griffin a time extension on her past-due account receivable. Apr. 16 Griffin dishonored her note. May 31 Stone Co. dishonored its note. Aug. 7 Accepted a $10,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Wright Co. Sep. 3 Accepted a $4,200, 60-day, 8% note in granting Kathy Perry a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Perry for the September 3 note. Nov. 5 Received payment of principal plus interest from Wright for the August 7 note. Dec. 1 Wrote off the Griffin account against the Allowance for Doubtful Accounts. principaz plus interesting Kathy Peextension Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest General Journal tab. Prepare the Year 2 journal entries related to the notes and accounts receivable of Lee Co. Calculation of interest tab - Use the interest formula (P x RXT) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance. General Journal >