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The following selected transactions are from Lee Company Year 1 December 16 Accepted a $21,600, 60-day, 8% note in granting June Taylor a tine extension

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The following selected transactions are from Lee Company Year 1 December 16 Accepted a $21,600, 60-day, 8% note in granting June Taylor a tine extension on his past due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Taylor note. Year 2 February 14 Received Taylor's payment of principal and interest on the note dated December 16. March 2 Accepted a $7,000, 8, 90-day note in granting a time extension on the past-due account receivable from Brown Company March 17 Accepted a $15,000, 30-day, 8X note in granting Maria Gonzalez a time extension on her past-due account receivable. April 16 Gonzalez dishonored her note. 31 Brown Company dishonored its note August 7 Accepted a $20,000, 90-day, sx note in granting a tine extension on the past-due account receivable of Garcia Company September 3 Accepted a $11,400, 6e-day, 10% note in granting Carlos Sanchez a time extension on his post-due account receivable. November 2 Received payment of principal plus interest from Sanchez for the September 3 note. November 5 Received payment of principal plus interest from Garcia for the August 7 note. December 1 wrote off the Gonzalez account against the Allowance for Doubtful Accounts General Requirement General Journal Schedule of Calculation Ledger Thal Balance Receivables Interest 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. total interest revenue agrees with the trial balance. Dates: January 01 to: January Lee Company Calculation of interest revenue February 14 - Taylor 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

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