Use the following information for the Exercises $18-19$ below. $($Algo$)$

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Following are transactions of Danica Company.

December $13$ Accepted a $$30,000,45-$day, $8\%$ note in granting Miranda Lee a time extension on her past$-$due account receivable.

December $31$ Prepared an adjusting entry to record the accrued interest on the Lee note.

Exercise $7-19($Algo$)$ Notes receivable transactions LO P$4$

January $27$ Received Lee's payment for principal and interest on the note dated December $13.$

March $3$ Accepted a $$24,000,10\%,90-$day note in granting a time extension on the past$-$due account receivable of Tomas Company.

March $17$ Accepted a $$18,000,30-$day, $6\%$ note in granting H$.$ Cheng a time extension on his past$-$due account receivable.

April $16$ H$.$ Cheng dishonored his note.

May $1$ Wrote off the H$.$ Cheng account against the Allowance for Doubtful Accounts.

June $1$ Received the Tomas payment for principal and interest on the note dated March $3.$