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Please post general Journal. Thanks!!! The following selected transactions are from Perez Company. Year 1 Dec. 16 Accepted a $21,600, 60-day, 8% note in granting
Please post general Journal. Thanks!!!
The following selected transactions are from Perez Company. Year 1 Dec. 16 Accepted a $21,600, 60-day, 8% note in granting Susan Allen a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Allen note. Year 2 Feb. 14 Received Allen's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $10,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Carter Co. 17 Accepted a $7,800, 30-day, 8% note in granting Tony Turner a time extension on her past-due account receivable. Apr. 16 Turner dishonored her note. Carter Co. dishonored its note Aug. 7 Accepted a $10,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Duerr Co. Sep. 3 Accepted a $12,600, 60-day, 10% note in granting Spencer Lauer a time extension on his past-due account receivable Nov. 2 Received payment of principal plus interest from Lauer for the September 3 note. Nov. 5 Received payment of principal plus interest from Duerr for the August 7 note. Dec. 1 Wrote off the Turner account against the Allowance for Doubtful Accounts. from Duerr for the August 1Step by Step Solution
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