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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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Journal entry worksheet Aug. 7 Accepted a(n) $22,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Perez Co. Note: Enter debits before credits. Date General Journal Debit Credit Aug 07 Journal entry worksheet Sept. 3 Accepted a $12,600, 60-day, 10% note in granting Kay Wright a time extension on his past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Sep 03 Journal entry worksheet Nov. 2 Received payment of principal plus interest from Wright for the September 3 note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 02 Journal entry worksheet Dec. 1 Wrote off the Lauer account against Allowance for Doubtful Accounts. No additional interest was accrued. Note: Enter debits before credits. Date General Journal Debit Credit Dec 01

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