GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Collins Company. Year 1 Dec. 16 Accepted a $25,200, 60-day, 8% note in granting Paul Brown a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Brown note. Year 2 Feb. 14 Received Brown's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $10,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Gonzalez Co. 17 Accepted a $16,800, 30-day, 7% note in granting Jeffrey Wilson a time extension on her past-due account receivable. Apr. 16 Wilson dishonored her note. May 31 Gonzalez Co. dishonored its note. Aug. 7 Accepted a $12,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Martin Co. Sep. 3 Accepted a $15,000, 60-day, 10% note in granting Rick Mitchell extension on the past-due account receivable of Martin Co. Sep. 3 Accepted a $15,000, 60-day, 10% note in granting Rick Mitchell a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Mitchell for the September 3 note. Nov. 5 Received payment of principal plus interest from Martin for the August 7 note. Dec. 1 wrote off the Wilson account against the Allowance for Doubtful Accounts. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Requirement Irial Balance Journal Ledger Receivables Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calc ensure the accuracy of your entries. View transaction list Journal entry worksheet