Refer to the information in Exercise 9-11 and prepare the journal entries for the following selected transactions of Danica Company for 2017.
In Exercise 9-11
Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.
2017
Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.
Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past due account receivable of Tomas Company.
17 Accepted a $2,000, 30-day, 9% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable.
Apr. 16 Cheng dishonored his note when presented for payment.
May 1 Wrote off the Cheng account against the Allowance for Doubtful Accounts.
June 1 Received the Tomas payment for principal and interest on the note dated March 3.