please i need help asap!!
GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Lee Company Year 1 Dec. 16 Accepted a $13,200, 60-day, 124 note in granting Juan Perez a time extension on his past-duo 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 $8,000, 61, 90-day note in granting a tine extension on the past due account receivable from Stone Co. 17 Accepted a $3,600, 30-day, 91 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. 61 note in granting a tine extension on the past-due account receivable of Wight CO Sep. 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 interent from Perry for the September ) note. Nov. 5 Received payment of principal plus interest from Wright for the August 7 note. Dec . 1 Wrote of the Griffin account against the Allowance for Doubtful Accounts. 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 R x T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance. Journal entry worksheet > 1 2 3 4 5 6 7 8 9 10 Feb. 14 Received Perez's payment of principal and interest on the $13,200, 60-day, 12% note dated December 16. The Lee Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. Note: Enter debits before credits: General Journal Debit Credit Date Feb 14 Record entry Clear entry View general journal 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: Jan 01 to: Dec 31 Leo Co. Calculation of Interest revenue February 14 - Perez 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 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 $ 0 Total interest revenue - Year 2
