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The following selected transactions are from King Company. Year 1 December 1 6 Accepted a $ 1 3 , 2 0 0 , 6 0

The following selected transactions are from King Company.
Year 1
December 16 Accepted a $13,200,60-day, 12% note in granting Jean Clark a time extension on his past-due account
receivable.
December 31 Made an adjusting entry to record the accrued interest on the Clark note.
Year 2
February 14 Received Clark's payment of principal and interest on the note dated December 16.
March 2 Accepted a $7,000,6%,90-day note in granting a time extension on the past-due account receivable from
Walker Company
March 17 Accepted a $18,000,30-day, 7% note in granting Juan Perez a time extension on her past-due account
receivable.
April 16 Perez dishonored her note.
31 Walker Company dishonored its note.
August 7 Accepted a $16,000,90-day, 6% note in granting a time extension on the past-due account receivable of
Taylor Company
September 3 Accepted a $17,400,60-day, 10% note in granting Tony Turner a time extension on his past-due account
receivable.
November 2 Received payment of principal plus interest from Turner for the September 3 note.
November 5 Received payment of principal plus interest from Taylor for the August 7 note.
December 1 Wrote off the Perez account against 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.\table[[King Company],[February 14- Clark note:,],[Principal,],[Interest rate,],[Number of days' interest to be recorded in Year 2,],[,],[,],[,],[Number of days' interest to be recorded in Year 2,],[,],[Principal,],[Interest rate,],[Number of days' interest to be recorded in Year 2,],[,],[Number of days' interest to be recorded in Year 2,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,],[,]]
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