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The following selected transactions are from Taylor Company. Year 9 December 16 Accepted a $15,606, 60-day, 10 note in granting Spencer Laver a time extension

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The following selected transactions are from Taylor Company. Year 9 December 16 Accepted a $15,606, 60-day, 10 note in granting Spencer Laver a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Lauer note. Year 2 February 14 Received Lauer's paynent of principal and interest on the note dated December 16. March 2 Accepted a $9,000,10v,90-day note in granting a tine extension on the past-due account receivable from Garcia Company receivable. April 16 Martin dishonored her note. 31 Garcia Company dishonored its note. August-7 Accepted a $20,000,90-day, 10s note in granting a time extension on the past-due account receivable of Septeaber 3 Accepted a \$4,200, 60-day, 10s note in granting Carolyn collins a time extension on his past-due account receivable. November 2 Received paynent of principal plus interest fron Collins for the September 3 note. November 5 Received paysent of principal plus interest from Griffin for the August 7 note. December 1 Wrote off the Martin account against the Altowance for Doubtfut Accounts. Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "C Interest" tab to ensure the accuracy of your entries. Dates: Janu Taylor Company Calculation of interest revenue February 14 - Lauer 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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