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, 68, 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 tine 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, 63 note in granting a time extension on the past-due account receivable of Taylor Company September 3 Accepted a $17,400, 60-day, 108 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. General General Schedule of Calculation of Requirement Trial Balance Journal Ledger Receivables Interest 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. View transaction list 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. View transaction list Journal entry worksheet February 14 Received Clark's payment of principal and interest on the $13,200, 60-day, 12% note dated December 16. The King Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. Note: Enter debits before credits Date General Journal Debit Credit February 14 Record entry Clear entry View general Journal voor View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 March 2 Accepted an $7,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Walker Company Note: Enter debits before credits Date General Journal Debit Credit March 02 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 5 6 7 8 9 10 > March 17 Accepted a $18,000, 30-day, 7% note in granting Juan Perez a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit March 17 Credit Record entry Clear entry View general journal Journal entry worksheet August 7 Accepted a(n) $16,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Taylor Company Note: Enter debits before credits. Date August 07 General Journal Debit Gredit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 8 9 10 > September 3 Accepted a $17,400, 60-day, 10% note in granting Tony Turner a time extension on his past-due account receivable. Note: Enter debits before credits. Date September 03 General Journal Debit Credit + View transaction list Journal entry worksheet November 2 Received payment of principal plus interest from Turner for the September 3 note. Note: Enter debits before credits. Dato General Journal Debit + Credit November 02 Record entry Clear entry View general Journal Journal entry worksheet November 5 Received payment of principal plus interest from Taylor for the August 7 note. Note: Enter debits before credits Date General Journal Debit Credit November 05 Record entry Clear entry View general journal Journal entry worksheet
