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Use the following information for the Exercises $17-18$ below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Following are transactions of Danica Company.

December $13$ Accepted a $$22,000,45-$day, $2\%$ note in granting Miranda Lee a time extension on

her past$-$due account receivable.

December $31$ Prepared an adjusting entry to record the accrued interest on the Lee note.

Exercise $7-18($Algo$)$ Notes receivable transactions LO P$4$

January $27$ Received Lee's payment for principal and interest on the note dated December $13.$

March $3$ Accepted a $$16,000,8\%,90-$day note in granting a time extension on the past$-$due account

receivable of Tomas Company.

March $17$ Accepted a $$21,000,30-$day, $8\%$ note in granting H$.$ Cheng a time extension on his past$-$due

account receivable.

April $16$ H$.$ Cheng dishonored his note.

May $1$ Wrote off the $H.$ Cheng account against the Allowance for Doubtful Accounts.

June $1$ Received the Tomas payment for principal and interest on the note dated March $3.$

Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries.

Note: Do not round intermediate calculations. Use $360$ days a year.

Complete this question by entering your answers in the tabs below.

Use those calculated values to prepare your journal entries.

Journal entry worksheet

Received Lee's payment for principal and interest on the note dated December

Assume no reversing entries were prepared.

Note: Enter debits before credits.