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The following selected transactions are from Gonzalez Company. Year 1 December 16 Accepted a $15,600,60-day, 10% note in granting Lindsey Martin a time extension on
The following selected transactions are from Gonzalez Company. Year 1 December 16 Accepted a $15,600,60-day, 10% note in granting Lindsey Martin a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Martin note. Year 2 February 14 Received Martin's payment of principal and interest on the note dated December 16. March 2 Accepted a $10,000,10%,90 day note in granting a time extension on the past-due account receivable from Hall Company March 17 Accepted a $4,800,30 day, 7\% note in granting Carlos Sanchez a time extension on her past-due account receivable. April 16 Sanchez dishonored her note. 31 Hall Company dishonored its note. August 7 Accepted a $14,000,90-day, 10% note in granting a time extension on the past-due account receivable of Mitchell Company September 3 Accepted a $6,600,60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Nguyen for the September 3 note. November 5 Received payment of principal plus interest from Mitchell for the August 7 note. December 1 Wrote off the Sanchez account against the Allowance for Doubtful Accounts. Answer is not complete. Enter the principal amount, interest rate, and number of days of interest to be total interest revenue agrees with the trial balance
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