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Year 1 Dec. 16 Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. 31 Made an
Year 1
Dec. | 16 | Accepted a $22,800, 60-day, 10% note in granting Than Nguyen a time extension on his past-due account receivable. | |||
31 | Made an adjusting entry to record the accrued interest on the Nguyen note. |
Year 2
Feb. | 14 | Received Nguyens payment of principal and interest on the note dated December 16. | |||
Mar. | 2 | Accepted a $8,000, 10%, 90-day note in granting a time extension on the past-due account receivable from Lee Co. | |||
17 | Accepted a $15,600, 30-day, 7% note in granting Spencer Lauer a time extension on her past-due account receivable. | ||||
Apr. | 16 | Lauer dishonored her note. | |||
May | 31 | Lee Co. dishonored its note. | |||
Aug. | 7 | Accepted a $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. | |||
Sep. | 3 | Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. | |||
Nov. | 2 | Received payment of principal plus interest from Wright for the September 3 note. | |||
Nov. | 5 | Received payment of principal plus interest from Perez for the August 7 note. | |||
Dec. | 1 | Wrote off the Lauer account against the Allowance for Doubtful Accounts. |
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