GL$0701($Algo$)-$ Based on Problem $7-5$A LO C$2,$ C$3,$ P$4$

The following selected transactions are from Turner Company.

Year $1$

December $16$ Accepted a $$22,800,60-$day, $10\%$ note in granting Than Nguyen a time extension on his past$-$due account receivable.

December $31$ Made an adjusting entry to record the accrued interest on the Nguyen note.

Year $2$

February $14$ Received Nguyen$$s payment of principal and interest on the note dated December $16.$

March $2$ Accepted a $$8,000,10\%,90-$day note in granting a time extension on the past$-$due account receivable from Lee Company

March $17$ Accepted a $$15,600,30-$day, $7\%$ note in granting Spencer Lauer a time extension on her past$-$due account receivable.

April $16$ Lauer dishonored her note.

$31$ Lee Company dishonored its note.

August $7$ Accepted a $$22,000,90-$day, $6\%$ note in granting a time extension on the past$-$due account receivable of Perez Company

September $3$ Accepted a $$12,600,60-$day, $10\%$ note in granting Kay Wright a time extension on his past$-$due account receivable.

November $2$ Received payment of principal plus interest from Wright for the September $3$ note.

November $5$ Received payment of principal plus interest from Perez for the August $7$ note.

December $1$ Wrote off the Lauer account against the Allowance for Doubtful Accounts.