please help, this is 1 question, I need answers to all parts
GLO701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Garcia Company Year 1 December 16 Accepted a $20,400, 60-day, 124 note in granting Rita Griffin a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 February 14 Received Griffin's payment of principal and interest on the note dated December 16. March 2 Accepted a $9,080, 64, 90-day note in granting a time extension on the past-due account receivable from Wright Company March 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. April 16 Lee dishonored her note. 31 Wright Company dishonored its note. August 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Company September 3 Accepted a $11,486, 60-day, 184 note in granting Maria Gonzalez a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Gonzalez for the September 3 note. November 5 Received payment of principal plus interest from Collins for the August 7 note. December 1 Wrote off the Lee account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Tral Balance Schedule of Receivables Calculation of Interest General Journal tab - Journalize the transactions related to the notes and accounts receivable of Garcia Co. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General ledger software automates the preparation of the Schedule of Receivables which lists the amounts of accounts receivable and notes receivable owed from each customer. Calculation of interest tab - Use the interest formula (PxRx T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance. General Journal > General General Schedule of T Balance Requirement Calculation of Journal Ledger Receivables Interest Prepare the fournal entries related to notas receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet February 14 Received Griffin's payment of principal and interest on the $20,400, 60-day, 12% note dated December 16. The Garcia Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. Note: Enter debits before credits Date February 14 Credit Debit 20.904 General Journal Cash Interest receivable Interest revenue Notos receivable - R. Griffin 102 402 20.4001 Journal entry worksheet November 2 Received payment of principal plus interest from Gonzalez for the September 3 note. Note: Enter debits before credits Date General Journal Debit Credit November 02
