Problem $7-5$B Analyzing and journalizing notes receivable transactions C$2$ C$3$ P$4$

The following selected transactions are from Springer Company.

$2016$

Nov. $1$

Accepted a $$4,80$o$,90-$day, $8\%$ note dated this day in granting Steve Julian a time

extension on his past$-$due account receivable.

Dec. $31$

Made an adjusting entry to record the accrued interest on the Julian note.

$2017$

Jan. $30$

Received Julian's payment for principal and interest on the note dated November $1.$

Check Jan. $30,$ Cr$.$ Interest Revenue, $$32$

Feb. $28$

Accepted a $$12,600,30-$day, $8\%$ note dated this day in granting a time extension on the

past$-$due account receivable from King Co$.$

Mar. $1$

Accepted a $$6,200,60-$day, $12\%$ notedated this day in granting Myron Shelley a time

extension on his past$-$due account receivable.

$30$

The King Co$.$ dishonored its note when presented for payment.

Apr. $30$

Received payment of principal plus interest from M$.$ Shelley for the March $1$ note.

Apr: $30,$ Cri Interest Revenue, $$124$

June $15$

Accepted a $$2,000,72-$day, $8\%$ note dated this day in granting a time extension on the

past$-$due account receivable of Ryder Solon.

$21$

Accepted a $$9,500,90-$day, $8\%$ note dated this day in granting J$.$ Felton a time

extension on his past$-$due account receivable.

Aug. $26$

Received payment of principal plus interest from R$.$ Solon for the note of June $15.$

Sep. $19$

Sep. $19$

Received payment of principal plus interest from J$.$ Felton for the June $21$ note.

Sep. $19,$ Cr$.$ Interest Revenue, $$190$

Nov. $30$

Wrote off King's account against Allowance for D oubtful Accounts.

Nov. $2$

Received payment of principal plus interest from Carson for the September $3$

note.

Nov. $2,$ Cr$.$ Interest Revenue, $$35$

Nov. $5$

Received payment of principal plus interest from Mulan for the August $7$ note.

Dec. $1$

Wrote off the Privet account against the Allowance for Doubtful Accounts.

Required

Prepare journal entries to record these transactions and events. $($Round

amounts to the nearest dollar.$)$