The following selected transactions are from Griffin Company. Year 1 Dec. 16 31 Year 2 Feb. 14

The following selected transactions are from Griffin Company.
  

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Year 1 Dec. 16 31 Year 2 Feb. 14 Mar. 2 17 Apr. 16 May 31 Accepted a $14,400, 60-day, 8% note in granting Tony Turner a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Turner note. Received Turner's payment of principal and interest on the note dated December 16. Accepted a $11,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Duerr Co. Accepted a $11,400, 30-day, 10% note in granting June Taylor a time extension on her past-due account receivable. Taylor dishonored her note. Duerr Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 12% note in granting a time extension on the past-due account receivable of Lee Co. Sep. 3 Accepted a $4,200, 60-day, 10% note in granting Lindsey Martin a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Martin for the September 3 note. Nov. 5 Received payment of principal plus interest from Lee for the August 7 note. Dec. 1 Wrote off the Taylor account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Receivables Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: Jan 01 to: Dec 31 Year 1 Dec. 16 31 Year 2 Feb. 14 Mar. 2 17 Apr. 16 May 31 Accepted a $14,400, 60-day, 8% note in granting Tony Turner a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Turner note. Received Turner's payment of principal and interest on the note dated December 16. Accepted a $11,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Duerr Co. Accepted a $11,400, 30-day, 10% note in granting June Taylor a time extension on her past-due account receivable. Taylor dishonored her note. Duerr Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 12% note in granting a time extension on the past-due account receivable of Lee Co. Sep. 3 Accepted a $4,200, 60-day, 10% note in granting Lindsey Martin a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Martin for the September 3 note. Nov. 5 Received payment of principal plus interest from Lee for the August 7 note. Dec. 1 Wrote off the Taylor account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Receivables Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: Jan 01 to: Dec 31

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Griffin Co February 14 Turner Note Principal Rate T... View the full answer