The following selected transactions are from Griffin Company. Year 1 Deceaber 16 Accepted a $14,400,60-day, 8x note in granting Tony Turner a tine extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Turner note. Yeor 2 February 14 Recefved Turner's payment of principal and interest on the note dated Decenber 16. March 2 Accepted a $11,000, 85, 90-day note in granting a time extension on the past-due account recelvable from Duerr Conpany March 17 Accepted a $11,400, 3e-day, 106 note in granting June Taylor o time extension on her past-due account receivable. April 16 Taylor dishonored her note. 31 Duere Company dishonored its note. August 7 Accepted a $22,600,90-day, 128 note in granting o time extension on the past-due account receivable of Lee Company September 3 Accepted a $4,200, 60-day, 10X note in granting Lindsey Martin a time extension on his past-due account receivable. November 2 Received payment of principal plus interest from Mortin for the Septenber 3 note. Novenber 5 Recelved payment of principal plus interest from Lee for the August 7 note. Decenber 1 Wrote off the Taylor account ogainst the Allowance for Doubtful Accounts. Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. The following selected transactions are from Griffin Company. Year 1 Decenber 16 Accepted a $14,400,60-day, 8% note in granting Tony Turner a time extension on his past-due account receivable. Decenber 31 Made an adjusting entry to record the accrued interest on the Turner note. Yeor 2 February 14 Received Turner's payment of principal and interest on the note dated December 16. March 2 Accepted a $11,000, 8x, 90-day note in granting a time extension on the past-due account recelvable from Ouerr Conpany March 17 Accepted a $12,400, 36-day, 10x note in granting June Taylor a time extension on her past-due account receivable. April 16 Toylor dishonored her note. 31 Duerr Company dishonored its note. August 7 Accepted a $22,090,90-day, 12X note in granting a time extension on the pest-due account recelvable of tee Company Septesber 3 Accepted a $4,200, 60-day, 103 note in granting Lindsey Martin a time extension on his past-due account receivable. Novenber 2 Received payment of principal plus interest from Martin for the September 3 note. November 5 Recelved payment of principal plus interest from tee for the August 7 note. December 1 Wrote off the Taylor account agolnst the Allowance for Doubtful Accounts. Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance
