Question 2 [30 points]

Prepare journal entries to record Allarco Inc.'s transactions. Round all values to the nearest cent.

Date: 2021-11-09 Question 2 [30 points] Prepare journal entries to record Allarco Inc.'s transactions. Round all values to the nearest cent. a. October 1, 2013: Accepted a $3,000, 4-month, 11% note dated this day in granting Carter Stark a time extension on the past-due account. b. December 31, 2013: An adjusting entry was made to record the accrued interest on the Carter Stark note. c. December 31, 2013: Closed the interest revenue account. d. February 1, 2014: Received Carter Stark's payment for the principal and interest on the note dated October 1. e. April 1, 2014: Allarco Inc. Accepted a note from Mary Graham for $2,900, 5-month, 12% dated this day granting a time extension on the past-due account. f. Determine the date that transaction (e) matures and record the entry to show the collection. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered i the format dd/mmm (i.e., January 15 would be 15/Jan). General Journal Account/Explanation Page Gj1 F Debit Credit Date + + - +