Analyzing and Journaling Notes receivable Transactions

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Use those calculated values to prepare journal entries for 2016 transactions.

2015 Dec. 16 Accepted a $12,900, 60-day, 9% note dated this day in granting Danny Todd a time extension on h past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note 2016 Feb. 14 Received Todd's payment of principal and interest on the note dated December 16 Mar. 2 Accepted a $7,200, 9%, 90-day note dated this day in granting a time extension on the past-due account receivable from Midnight Co 17 Accepted a $2,600, 30-day, 7% note dated this day in granting Ava Privet a time extension on her past-due account receivable Apr. 16 Privet dishonored her note when presented for payment. May 31 Midnight Co. refuses to pay the note that was due to Ohlm Co. on May 31. Prepare the journal entry to July 16 Received payment from Midnight Co. for the maturity value of its dishonored note plus interest for 46 Aug. 7 Accepted a $8,350, 90-day, 8% note dated this day in granting a time extension on the past-due Sept. 3 Accepted a $2,270 60-day, 10% note dated this day in granting Noah Carson a time extension on his charge the dishonored note plus accrued interest to Midnight Co.'s accounts receivablee days beyond maturity at 9% account receivable of Mulan Co Nov. 2 Nov. 5 Dec. 1 past-due account receivable Received payment of principal plus interest from Carson for the September 3 note Received payment of principal plus interest from Mulan for the August 7 note Wrote off the Privet account against Allowance for Doubtful Accounts