GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Taylor Company. Year 1 Dec. 16 Accepted a $15,600, 60-day, 1ex note in granting Spencer Lauer a time extension on his past-due account receivable 31 Made an adjusting entry to record the accrued interest on the Lauer note. Year 2 Feb. 14 Received Lauer's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9, eee, 10%, 9e-day note in granting a time extension on the past-due account receivable from Garcia Co. 17 Accepted a $19, 200, 30-day, 7% note in granting Lindsey Martin a time extension on her past-due account receivable. Apr. 16 Martin dishonored her note. May 31 Garcia Co. dishonored its note. Accepted a $20,000, 90-day, 10% note in granting a time extension on the past.due account receivable of Griffin Co. Sep. 3 Accepted a $4,200, 60-day, lex note in granting Carolyn Collins a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Collins for the September ) note. Nov. 5 Received payment of principal plus interest from Griffin for the August 7 note. Dec 1 Wrote off the Martin account against the Allowance for Doubtful Accounts. > Answer is not complete. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hints Use the calculation of Interest" tab to ensure the accuracy of your entries. of the art account against the Allowance for Doubtful Accounts Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hints Use the "Calculation of Interest ensure the accuracy of your entries. View transaction list View journal entry worksheet Debit Credit General Journal No Transaction Recorded 2 Mar 02 Dar Taylor Co. Calculation of interest revenu February 14 - Lauer note: Principal Interest rate Number of days interest to be recorded in Year 2 Number of days interest to be recorded in Year 2 Principal Interest rate Number of days' interest to be recorded in Year 2 Number of days interest to be recorded in Year 2 Number of days nterest to be recorded in Year 2