The following selected transactions are from Collins Company 2016 Dec. 16 Accepted a $25,200, 60-day, 8% note dated this day in granting Paul Brown a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Brown note. 2017 Feb. 14 Received Brown's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $10,000, 88, 90-day note dated this day in granting a time extension on the past-due account receivable from Gonzalez Co. 17 Accepted a $16,800, 30-day, 7% note dated this day in granting Jeffrey Wilson a time extension on her past-due account receivable. Apr. 16 Wilson dishonored her note when presented for payment. May 31 Gonzalez Co. refused to pay the note that was due to Collins Co. on May 31. Prepare the journal entry to charge July 16 Received payment from Gonzalez Co. for the maturity value of its dishonored note plus interest for 46 days Aug. 7 Accepted a $12,000, 90-day, 10% note dated this day in granting a time extension on the past-due account Sep. 3 Accepted a $15,000, 60-day, 10% note dated this day in granting Rick Mitchell a time extension on his past-due the dishonored note plus accrued interest to Gonzalez Co. 's accounts receivable. beyond maturity at 8 receivable of Martin Co account receivable Nov. 2 Received payment of principal plus interest from Mitchell for the September 3 note Nov. 5 Received payment of principal plus interest from Martin for the August 7 note Dec. 1 Wrote off the Wilson account against the Allowance for Doubtful Accounts. General ournal General Ledger Schedule of Receivables Calculation of Interest Requirement Trial Balance General Journal tab Prepare the 2017 journal entries related to the notes and accounts receivable of Collins Co Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries Verify that total interest revenue agrees with the trial balance 1 Feb. 14 Received Brown's payment of principal and interest on the $25,200, 60-day, 8% note dated December 16. The Collins Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. 5,200, prepare ON OF Mar. 2 Accepted an $10,000, 890, 90-day note dated this day in granting a time extension on the past-due account receivable from Gonzalez Co. Credit Mar. 17 Accepted a $16,800, 30-day, 7% note dated this day in granting Jeffrey Wilson a time extension on her past-due account receivable. 3 4 Apr. 16 Wilson dishonored her note when presented for payment. Note-journal entry has been entered Record entry Clear entry View general journal View transaction list 5 May 31 Gonzalez Co. refuses to pay the note that was due to Collins Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Gonzalez Co.'s accounts receivable 5,200, prepare ON OF Jul. 16 Received payment from Gonzalez Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%. (Round interest to the nearest whole dollar.) 6 Credit Aug. 7 Accepted a(n) $12,000, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Martin Co. 8 Sept. 3 Accepted a $15,000, 60-day, 10% note dated this Note : -journal entry has been entered Record entry Clear entry View general journal View transaction list Aug. / Acceptea a(n) $12,0uU, gU-day, 1UYo note aatea this day in granting a time extension on the past-due account receivable of Martin Co 200, prepare ON OF 8 Sept. 3 Accepted a $15,000, 60-day, 10% note dated this day in granting Rick Mitchell a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Mitchell for the September 3 note 9 Credit 10 Nov. 5 Received payment of principal plus interest from Martin for the August 7 note. 11 Dec. 1 Wrote off the Wilson account against Allowance for Doubtful Accounts. No additional interest was accrued. Note journal entry has been entered Record entry Clear entry View general journal General Ledger Account Cash Account receivable -Other 0 Date Debit Credit Balance Date Debit Credit Balance Jan 01 35,616 Jan 01 42,300 Accounts receivable - R. Mitchell Accounts receivable Gonzalez Co 0 Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 15,000 Jan 01 10,000 Accounts receivable -Martin Accounts receivable -J. Wilson Date Debit Credit Balance No Date Debit Credit Balance Jan 01 12,000 Jan 01 16,800 Allowance for doubtful accounts Notes receivable-P. Brown 0 Date Debit Credit Balance No Date Debit Credit Balance Jan 01 21,000 Jan 01 25,200 Interest receivable Merchandise inventory 0 Date Debit Credit Balance 0 Debit Credit Balance Jan 01 84 Jan 01 5,000 Owner's Capital Date Debit Credit Balance Jan 01 141,000 General Journal Trial Balance General Journal General Schedule of Receivables Calculation of Interest Requirement Trial Balance Ledger Collins Company Trial Balance December 01, 2017 Account Title Debit Credit Cash Account receivable Other Accounts receivable - R. Mitchell Accounts receivable - Gonzalez Co Accounts receivable Martin Accounts receivable - J. Wilson Allowance for doubtful accounts Notes receivable P. Brown Interest receivable Merchandise inventory Owner's Capital 35,616 42.300 15,000 10,000 12.000 16,800 21,000 25,200 84 5,000 141,000 Total 162,000$ 162,000 General Ledger Schedule of Receivables> Schedule ofC Roureral General Ledger Trial Balance Receivables Here are the balances in Accounts and Notes receivable based on your ja Collins Co. Schedule of Accounts Receivable Total accounts receivable Collins Co. Schedule of Notes Receivable Total accounts receivable 0 Trial Balance Calcula Calculation of interest revenue February 14-Brown note: Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Total interest revenue -2017 The following selected transactions are from Collins Company 2016 Dec. 16 Accepted a $25,200, 60-day, 8% note dated this day in granting Paul Brown a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Brown note. 2017 Feb. 14 Received Brown's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $10,000, 88, 90-day note dated this day in granting a time extension on the past-due account receivable from Gonzalez Co. 17 Accepted a $16,800, 30-day, 7% note dated this day in granting Jeffrey Wilson a time extension on her past-due account receivable. Apr. 16 Wilson dishonored her note when presented for payment. May 31 Gonzalez Co. refused to pay the note that was due to Collins Co. on May 31. Prepare the journal entry to charge July 16 Received payment from Gonzalez Co. for the maturity value of its dishonored note plus interest for 46 days Aug. 7 Accepted a $12,000, 90-day, 10% note dated this day in granting a time extension on the past-due account Sep. 3 Accepted a $15,000, 60-day, 10% note dated this day in granting Rick Mitchell a time extension on his past-due the dishonored note plus accrued interest to Gonzalez Co. 's accounts receivable. beyond maturity at 8 receivable of Martin Co account receivable Nov. 2 Received payment of principal plus interest from Mitchell for the September 3 note Nov. 5 Received payment of principal plus interest from Martin for the August 7 note Dec. 1 Wrote off the Wilson account against the Allowance for Doubtful Accounts. General ournal General Ledger Schedule of Receivables Calculation of Interest Requirement Trial Balance General Journal tab Prepare the 2017 journal entries related to the notes and accounts receivable of Collins Co Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries Verify that total interest revenue agrees with the trial balance 1 Feb. 14 Received Brown's payment of principal and interest on the $25,200, 60-day, 8% note dated December 16. The Collins Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. 5,200, prepare ON OF Mar. 2 Accepted an $10,000, 890, 90-day note dated this day in granting a time extension on the past-due account receivable from Gonzalez Co. Credit Mar. 17 Accepted a $16,800, 30-day, 7% note dated this day in granting Jeffrey Wilson a time extension on her past-due account receivable. 3 4 Apr. 16 Wilson dishonored her note when presented for payment. Note-journal entry has been entered Record entry Clear entry View general journal View transaction list 5 May 31 Gonzalez Co. refuses to pay the note that was due to Collins Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Gonzalez Co.'s accounts receivable 5,200, prepare ON OF Jul. 16 Received payment from Gonzalez Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 8%. (Round interest to the nearest whole dollar.) 6 Credit Aug. 7 Accepted a(n) $12,000, 90-day, 10% note dated this day in granting a time extension on the past-due account receivable of Martin Co. 8 Sept. 3 Accepted a $15,000, 60-day, 10% note dated this Note : -journal entry has been entered Record entry Clear entry View general journal View transaction list Aug. / Acceptea a(n) $12,0uU, gU-day, 1UYo note aatea this day in granting a time extension on the past-due account receivable of Martin Co 200, prepare ON OF 8 Sept. 3 Accepted a $15,000, 60-day, 10% note dated this day in granting Rick Mitchell a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Mitchell for the September 3 note 9 Credit 10 Nov. 5 Received payment of principal plus interest from Martin for the August 7 note. 11 Dec. 1 Wrote off the Wilson account against Allowance for Doubtful Accounts. No additional interest was accrued. Note journal entry has been entered Record entry Clear entry View general journal General Ledger Account Cash Account receivable -Other 0 Date Debit Credit Balance Date Debit Credit Balance Jan 01 35,616 Jan 01 42,300 Accounts receivable - R. Mitchell Accounts receivable Gonzalez Co 0 Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 15,000 Jan 01 10,000 Accounts receivable -Martin Accounts receivable -J. Wilson Date Debit Credit Balance No Date Debit Credit Balance Jan 01 12,000 Jan 01 16,800 Allowance for doubtful accounts Notes receivable-P. Brown 0 Date Debit Credit Balance No Date Debit Credit Balance Jan 01 21,000 Jan 01 25,200 Interest receivable Merchandise inventory 0 Date Debit Credit Balance 0 Debit Credit Balance Jan 01 84 Jan 01 5,000 Owner's Capital Date Debit Credit Balance Jan 01 141,000 General Journal Trial Balance General Journal General Schedule of Receivables Calculation of Interest Requirement Trial Balance Ledger Collins Company Trial Balance December 01, 2017 Account Title Debit Credit Cash Account receivable Other Accounts receivable - R. Mitchell Accounts receivable - Gonzalez Co Accounts receivable Martin Accounts receivable - J. Wilson Allowance for doubtful accounts Notes receivable P. Brown Interest receivable Merchandise inventory Owner's Capital 35,616 42.300 15,000 10,000 12.000 16,800 21,000 25,200 84 5,000 141,000 Total 162,000$ 162,000 General Ledger Schedule of Receivables> Schedule ofC Roureral General Ledger Trial Balance Receivables Here are the balances in Accounts and Notes receivable based on your ja Collins Co. Schedule of Accounts Receivable Total accounts receivable Collins Co. Schedule of Notes Receivable Total accounts receivable 0 Trial Balance Calcula Calculation of interest revenue February 14-Brown note: Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Total interest revenue -2017