GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Taylor Company. Year 1 Dec. 16 Accepted a $1, 6ee, 68-day, 1ex note in granting Spencer Lauer a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Lauer note. 31 Year 2 Received Lauer's payment of principal and interest on the note dated December 16. 2 Accepted a $9,000, 1ex, 90-day note in granting a time extension on the past-due account receivable from Garcia Co. 17 Accepted a $19,20e, 30-day, 7% note in granting Lindsey Martin a time extension on her past-due account receivable. Feb. 14 Mar. Apr. 16 Martin dishonored her note. May Aug. Sep. Nov Nov. Dec. 31 Garcia Co. dishonored its note. Accepted a $20,000, 98-day, 1e% note in granting a time extension on the past-due account receivable of Griffin Co. 3 Accepted a $4,200, 6e-day, 1e% note in granting Carolyn Collins a time extension on his past-due account receivable. 2. Received payment of principal plus interest from Collins for the September 3 note. Received payment of principal plus interest from Griffin for the August 7 note. 1 wrote off the Martin account against the Allowance for Doubt ful Accounts. General Journal General Schedule of Receivables Calculation of Interest Requirement Trial Balance Ledger Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest ensure the accuracy of your entries. View transaction list View journal entry worksheet Date No General Journal Debit Credit No Transaction Recorded Mar 02 Taylor Co. Caloulation of interest revenue February 14 - Lauer 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 nterest to be recorded in Year 2 nteresLevenue est 2