PLEASE CORRECT THE ANSWERS! ALL WERE WRONG!

GL$0701($Algo$)-$ Based on Problem $7\mathrm{.}5$A LO C$2,$ C$3,$ P$4$

$15$

points

The following selected transactions are from Turner Company.

Year $1$

December $16$ Accepted a $$22,860,60-$day, $108$ note in granting Than Nguyen a tife extension on his past$-$due account receivable.

December $31$ Made an adjusting entry to record the accrued interest on the Nguyen note.

Year $2$

February $14$ Received Nguyen's payment of principal and interest on the note dated Decenber $16.$

March $2$ Accepted a $$8,000,165,99-$day note in granting a tine extension on the past$-$due account receivable fron Lee Conpany

March $17$ Accepted a $$15,669,39-$day, $7$$ note in granting Spencer Lauer a time extension on her past$-$due account recelvable.

April $16$ Lauer dishonored her note.

$31$ Lee Company dishonored its note.

August $7$ Accepted a $$22,000,90-$day, $6\%$ note in granting a tine extension on the past$-$due account receivable of Perez Conpany

September $3$ Accepted a $$12,609,60-$day, $106$ note in granting Kay Wright a time extension on his past$-$due account receivable.

Novenber $2$ Received payent of principal plus interest from Wright for the Septenber $3$ note.

Noventer $5$ Received paynent of principal plus interest from Perez for the August $7$ note.

Decenber $1$ Wrote off the Lauer account against the Allowance for Doubtful Accounts.

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: January $01>$ to: GL$0701($Algo$)-$ Based on Problem $7-5$A LO C$2,$ C$3,$ P$4$GL$0701($Algo$)-$ Based on Problem $7\mathrm{.}5$A LO C$2,$ C$3,$ P$4$

The following selected transactions are from Turner Company.

Year $1$

December $16$ Accepted a $$22,809,60-$day, $106$ note in granting Than Nguyen a tine extension on his past$-$due account receivable.

December $31$ Made an adjusting entry to record the accrued interest on the Nguyen note.

Year $2$

February $14$ Received Nguyen's payment of principal and interest on the note dated Decenber $16.$

March $2$ Accepted a $$8,000,165,99-$day note in granting a tine extension on the past$-$due account receivable fron Lee Conpany

March $17$ Accepted a $$15,609,39-$day, $75$ note in granting Spencer Laver a tine extension on her past$-$due account recelvable.

April $16$ Lauer dishonored her note.

$31$ Lee Company dishonored its note.

August $7$ Accepted a $$22,069,99-$day, $65$ note in granting a tine extension on the past$-$due account receivable of Perez Conpany

Septenber $3$ Accepted a $$12,609,60-$day, $106$ note in granting Kay Wright a time extension on his past$-$due account receivable.

Novenber $2$ Received paynent of principal plus interest from Wright for the Septenber $3$ note.

Noventer $5$ Received paynent of principal plus interest from Perez for the August $7$ note.

Decenter $1$ Wrote off the Lauer account against the Allowance for Doubtful Accounts.

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.

Journal entry worksheet

March $2$ Accepted an $$8,000,10\%,90-$day note in granting a time extension

on the past$-$due account receivable from Lee Company

Note: Enter debits befare credits.

The following selected transactions are from Turner Company.

Year $1$

December $16$ Accepted a $$22,800,60-$day, $10\%$ note in granting Than Nguyen a time extension on his past$-$due account receivable.

December $31$ Made an adjusting entry to record the accrued interest on the Nguyen note.

Year $2$

February $14$ Received Nguyen$$s payment of principal and interest on the note dated December $16.$

March $2$ Accepted a $$8,000,10\%,90-$day note in granting a time extension on the past$-$due account receivable from Lee Company

March $17$ Accepted a $$15,600,30-$day, $7\%$ note in granting Spencer Lauer a time extension on her past$-$due account receivable.

April $16$ Lauer dishonored her note.

$31$ Lee Company dishonored its note.

August $7$ Accepted a $$22,000,90-$day, $6\%$ note in granting a time extension on the past$-$due account receivable of Perez Company

September $3$ Accepted a $$12,600,60-$day, $10\%$ note in granting Kay Wright a time extension on his past$-$due account receivable.

November $2$ Received payment of principal plus interest from Wright for the September $3$ note.

November $5$ Received payment of principal plus interest from Perez for the August $7$ note.

December $1$ Wrote off the Lauer account against the Allowance for Doubtful Accounts.