00 GL0701 (Algo) - Based on Problem 7-5A Ohlm Company LO C2, C3, P4 1.66 points The following selected transactions are from Sanchez Company. X 0234:29 eBook Year 1 Dec. 16 Accepted a $16,800, 60-day, 12% note in granting Carolyn Collins a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Collins note. Year 2 Feb. 14 Received Collins's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $8,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Perry Co. 17 Accepted a $12,600, 30-day, 8% note in granting Jim Ohlm a time extension on her past-due account receivable. Apr. 16 Ohlm dishonored her note. May 31 Perry Co. dishonored its note. Aug. 7 Accepted a $12,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Gonzalez Co. Sep. 3 Accepted a $6,600, 60-day, 10% note in granting Greg Taylor a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Taylor for the September 3 note. Nov. Received payment of principal plus interest from Gonzalez for the August 7 note. Wrote off the Ohlm account against the Allowance for Doubtful Accounts. Print Dec. 5 1 References Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Feb 14 16.800 Account receivable - Other Accounts receivable - C. Collins 16,800