Prepare journal entries to record these selected transactions for Alvarez Company.
Nov. 1 Accepted a $15,000, 180-day, 7% note dated November 1 from Carlos Cruz in granting a time extension on his past-due account receivable.
Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the Cruz note.
Apr. 30 Cruz honors his note when presented for payment; February has 28 days for the current year.