GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Garcia Company. Year 1 December 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 February 14 Received Griffins payment of principal and interest on the note dated December 16. March 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Company March 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. April 16 Lee dishonored her note. 31 Wright Company dishonored its