The following selected transactions are from Wilson Company 2016 Dec. 16 Accepted a $19,200, 60-day, 10% note dated this day in granting Debbie Hall a time extension on his past-due account receivable 31 Made an adjusting entry to record the accrued interest on the Hal1 note 2017 Feb. 14 Received Hall's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $8,000, 10%, 90-day note dated this day in granting a time extension on the past-due account receivable from Sanchez Co 17 Accepted a $6,600, 30-day, 10% note dated this day in granting Rick Mitchell a time extension on her past-due account receivable Apr. 16 Mitchell dishonored her note when presented for payment. May 31 Sanchez Co. refused to pay the note that was due to Wilson Co. on May 31. Prepare the journal entry to charge the July 16 Received payment from Sanchez Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity Aug. 7 Accepted a $20,000, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Sep. 3 Accepted a $10,200, 60-day, 10% note dated this day in granting Jean Clark a time extension on his past-due account dishonored note plus accrued interest to Sanchez Co.'s accounts receivable at 10% Parker Co. receivable. Nov. 2 Received payment of principal plus interest from Clark for the September 3 note Nov. 5 Received payment of principal plus interest from Parker for the August 7 note. Dec. Wrote off the Mitchell account against the Allowance for Doubtful Accounts. Schedule of Calculation of General RequirementJournal General Ledger Trial Balance Receivables Interest General Journal tab Prepare the 2017 journal entries related to the notes and accounts receivable of Wilson Co. Calculation of interest tab - Use the interest formula (P x Rx T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance Journal entry worksheet 2 4 Feb. 14 Received Hall's payment of principal and interest on the $19,200, 60 day, 10% note dated December 16. The Wilson Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF | NTEREST" tab. Note: Enter debits before credits. Date General Journal Debit Credit Feb 14 Record entry Clear entry View general journal 2 3 5 678... . 11 Mar. 2 Accepted an $8,000, 10%, 90-day note dated this day in granting a time extension on the past-due account receivable from Sanchez Co. Note: Enter debits before credits. Date General Journal Debit Credit Mar 02 Record entry Clear entry View general journal Journal entry worksheet 4 Mar. 17 Accepted a $6,600, 30-day, 10% note dated this day in granting Rick Mitchell a time extension on her past-due account receivable Note: Enter debits before credits. Date General Journal Debit Credit Mar 17 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Apr. 16 Mitchell dishonored her note when presented for payment. Note: Enter debits before credits. Date General Journal Debit Credit Apr 16 Record entry Clear entry View general journal Journal entry worksheet 4 7 May 31 Sanchez Co. refuses to pay the note that was due to Wilson Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Sanchez Co.'s accounts receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet 2 35 678 . 11 4 Jul. 16 Received payment from Sanchez Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 10%. (Round interest to the nearest whole dollar.) Note: Enter debits before credits. Date General Journal Debit Credit Jul 16 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Aug. 7 Accepted a(n) $20,000, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Parker Co. Note: Enter debits before credits. Date General Journal Debit Credit Aug 07 Record entry Clear entry View general journal Journal entry worksheet 2 3 5 678.. 11 4 Sept. 3 Accepted a $10,200, 60-day, 10% note dated this day in granting Jean Clark a time extension on his past-due account receivable Note: Enter debits before credits. Date General Journal Debit Credit Sep 03 Journal entry worksheet 4 7 8 Nov. 2 Received payment of principal plus interest from Clark for the September 3 note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 02 Record entry Clear entry View general journal Journal entry worksheet 5 6 7 8 10 Nov.5 Received payment of principal plus interest from Parker for the August 7 note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View general journal General Ledger Account Cash Account receivable Other 0. Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 7,020 Jan 01 38,900 Accounts receivable J. Clark Accounts receivable Sanchez Co 0. Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 10,200 Jan 01 8,000 Accounts receivable Parker Accounts receivable R. Mitchell Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 20,000 Jan 01 6,600 Allowance for doubtful accounts Notes receivable D. Hall 0. Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 8,000 Jan 01 19,200 Interest receivable Merchandise inventory Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 80 Jan 01 5,000 Owner's Capital 0. Date Debit Credit Balance Jan 01 107,000 Wilson Company Trial Balance December 01, 2017 Account Title Debit Credit Cash Account receivable Other Accounts receivable -J. Clark Accounts receivable Sanchez Co Acc 7,020 38,900 10,200 8,000 20,000 6,600 counts receivable Parker Accounts receivable - R. Mitchell Allowance for doubtful accounts Notes receivable D. Hall Interest receivable Merchandise inventory Owner's Capital 8,000 19,200 80 5,000 107,000 Total 115,000 $ 115,000 General Ledger Schedule of Receivables> Dates: Jan 01 Wilson Co Schedule of Accounts Receivable Total accounts receivable Wilson Co Schedule of Notes Receivable Total accounts receivable Trial Balance Calculation of Interest> Calculation of interest revenue February 14 - Hall note: Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Principal Interest rate Number of days interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Total interest revenue 2017 The following selected transactions are from Wilson Company 2016 Dec. 16 Accepted a $19,200, 60-day, 10% note dated this day in granting Debbie Hall a time extension on his past-due account receivable 31 Made an adjusting entry to record the accrued interest on the Hal1 note 2017 Feb. 14 Received Hall's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $8,000, 10%, 90-day note dated this day in granting a time extension on the past-due account receivable from Sanchez Co 17 Accepted a $6,600, 30-day, 10% note dated this day in granting Rick Mitchell a time extension on her past-due account receivable Apr. 16 Mitchell dishonored her note when presented for payment. May 31 Sanchez Co. refused to pay the note that was due to Wilson Co. on May 31. Prepare the journal entry to charge the July 16 Received payment from Sanchez Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity Aug. 7 Accepted a $20,000, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Sep. 3 Accepted a $10,200, 60-day, 10% note dated this day in granting Jean Clark a time extension on his past-due account dishonored note plus accrued interest to Sanchez Co.'s accounts receivable at 10% Parker Co. receivable. Nov. 2 Received payment of principal plus interest from Clark for the September 3 note Nov. 5 Received payment of principal plus interest from Parker for the August 7 note. Dec. Wrote off the Mitchell account against the Allowance for Doubtful Accounts. Schedule of Calculation of General RequirementJournal General Ledger Trial Balance Receivables Interest General Journal tab Prepare the 2017 journal entries related to the notes and accounts receivable of Wilson Co. Calculation of interest tab - Use the interest formula (P x Rx T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance Journal entry worksheet 2 4 Feb. 14 Received Hall's payment of principal and interest on the $19,200, 60 day, 10% note dated December 16. The Wilson Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF | NTEREST" tab. Note: Enter debits before credits. Date General Journal Debit Credit Feb 14 Record entry Clear entry View general journal 2 3 5 678... . 11 Mar. 2 Accepted an $8,000, 10%, 90-day note dated this day in granting a time extension on the past-due account receivable from Sanchez Co. Note: Enter debits before credits. Date General Journal Debit Credit Mar 02 Record entry Clear entry View general journal Journal entry worksheet 4 Mar. 17 Accepted a $6,600, 30-day, 10% note dated this day in granting Rick Mitchell a time extension on her past-due account receivable Note: Enter debits before credits. Date General Journal Debit Credit Mar 17 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Apr. 16 Mitchell dishonored her note when presented for payment. Note: Enter debits before credits. Date General Journal Debit Credit Apr 16 Record entry Clear entry View general journal Journal entry worksheet 4 7 May 31 Sanchez Co. refuses to pay the note that was due to Wilson Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Sanchez Co.'s accounts receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Journal entry worksheet 2 35 678 . 11 4 Jul. 16 Received payment from Sanchez Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 10%. (Round interest to the nearest whole dollar.) Note: Enter debits before credits. Date General Journal Debit Credit Jul 16 Record entry Clear entry View general journal Journal entry worksheet 2 4 6 Aug. 7 Accepted a(n) $20,000, 90-day, 12% note dated this day in granting a time extension on the past-due account receivable of Parker Co. Note: Enter debits before credits. Date General Journal Debit Credit Aug 07 Record entry Clear entry View general journal Journal entry worksheet 2 3 5 678.. 11 4 Sept. 3 Accepted a $10,200, 60-day, 10% note dated this day in granting Jean Clark a time extension on his past-due account receivable Note: Enter debits before credits. Date General Journal Debit Credit Sep 03 Journal entry worksheet 4 7 8 Nov. 2 Received payment of principal plus interest from Clark for the September 3 note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 02 Record entry Clear entry View general journal Journal entry worksheet 5 6 7 8 10 Nov.5 Received payment of principal plus interest from Parker for the August 7 note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View general journal General Ledger Account Cash Account receivable Other 0. Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 7,020 Jan 01 38,900 Accounts receivable J. Clark Accounts receivable Sanchez Co 0. Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 10,200 Jan 01 8,000 Accounts receivable Parker Accounts receivable R. Mitchell Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 20,000 Jan 01 6,600 Allowance for doubtful accounts Notes receivable D. Hall 0. Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 8,000 Jan 01 19,200 Interest receivable Merchandise inventory Date Debit Credit Balance 0 Date Debit Credit Balance Jan 01 80 Jan 01 5,000 Owner's Capital 0. Date Debit Credit Balance Jan 01 107,000 Wilson Company Trial Balance December 01, 2017 Account Title Debit Credit Cash Account receivable Other Accounts receivable -J. Clark Accounts receivable Sanchez Co Acc 7,020 38,900 10,200 8,000 20,000 6,600 counts receivable Parker Accounts receivable - R. Mitchell Allowance for doubtful accounts Notes receivable D. Hall Interest receivable Merchandise inventory Owner's Capital 8,000 19,200 80 5,000 107,000 Total 115,000 $ 115,000 General Ledger Schedule of Receivables> Dates: Jan 01 Wilson Co Schedule of Accounts Receivable Total accounts receivable Wilson Co Schedule of Notes Receivable Total accounts receivable Trial Balance Calculation of Interest> Calculation of interest revenue February 14 - Hall note: Principal Interest rate Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Principal Interest rate Number of days interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Number of days' interest to be recorded in 2017 Total interest revenue 2017