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 Clarks 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.