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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
December Accepted a $day, note in granting Jean Clark a time extension on his pastdue account
receivable.
December Made an adjusting entry to record the accrued interest on the Clark note.
Year
February Received Clark's payment of principal and interest on the note dated December
March Accepted a $day note in granting a time extension on the pastdue account receivable from
Walker Company
March Accepted a $day, note in granting Juan Perez a time extension on her pastdue account
receivable.
April Perez dishonored her note.
Walker Company dishonored its note.
August Accepted a $day, note in granting a time extension on the pastdue account receivable of
Taylor Company
September Accepted a $day, note in granting Tony Turner a time extension on his pastdue account
receivable.
November Received payment of principal plus interest from Turner for the September note.
November Received payment of principal plus interest from Taylor for the August note.
December 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.tableKing CompanyFebruary Clark note:,PrincipalInterest rate,Number of days' interest to be recorded in Year Number of days' interest to be recorded in Year PrincipalInterest rate,Number of days' interest to be recorded in Year Number of days' interest to be recorded in Year
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