Stryker Company accepted a $10,000, 8%, 90-day note dated May 16, from Cariboo Corp. as an extension on its past-due account.

Stryker Company accepted a $10,000, 8%, 90-day note dated May 16, from Cariboo Corp. as an extension on its past-due account. Required Prepare the necessary general journal entries in Stryker Company's books on May 16 and maturity date, for each of the following independent assumptions: a. Note was held until maturity and collected on time b. Note was dishonoured. Amount of note and interest were written off as uncollectible. Stryker uses the allowance method to account for bad debts