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Please help me fill in this chart. Thank you! The following selected transactions are from Perez Company. Year 1 Accepted a $21,600, 60-day, 8% note
Please help me fill in this chart. Thank you!
The following selected transactions are from Perez Company. Year 1 Accepted a $21,600, 60-day, 8% note in granting Susan Allen a time extension on his past-due account Dec. 16 receivable. Made an adjusting entry to record the accrued interest on the Allen note. 31 Year 2 Received Allens payment of principal and interest on the note dated December l16. Accepted a $10,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Carter Feb. 14 Mar. Co. Accepted a $7,800, 30-day, 8% note in granting Tony Turner a time extension on her past-due account receivable. 17 Apr. 16 May Aug. Turner dishonored her note. Carter Co. dishonored its note. 31 Accepted a $10,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Duerr Co. Accepted a $12,600, 60-day, 10% note in granting Spencer Lauer a time extension on his past-due account Sep. receivable. Received payment of principal plus interest from Lauer for the September 3 note. Received payment of principal plus interest from Duerr for the August 7 note. Wrote off the Turner account against the Allowance for Doubtful Accounts. Nov. Nov. Dec. Perez Co. Calculation of interest revenue February 14 - Allen 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' interest to be recorded in Year 2 Number of days' interest to be recorded in Year 2 Total interest revenue - Year 2Step by Step Solution
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