GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Lee Company Year 1 Dec. 16 Accepted a $21,680, 6e-day, 8X note in granting June Taylor a time extension on his post-due account receivable 31 Made an adjusting entry to record the accrued interest on the Taylor note. Year 2 Feb. 14 Mar. 17 Apr. 16 31 Aug Sep 2 Nov. 2 Nov 5 Ded 1 May Received Taylor's payment of principal and interest on the note dated December 16. Accepted a $7,080, 81, 90-day note in granting a time extension on the past-due account receivable from Brown Co. Accepted a $15,000, 30-day, 8% note in granting Maria Gonzalez a time extension on her past-due account receivable Gonzalez dishonored her note. Brown Co. dishonored its note. Accepted a $20,880, 90-day, 8% note in granting a time extension on the past-due account receivable of Garcia Co. Accepted a $11, 400, 60-day, 10% note in granting Carlos Sanchez a time extension on his past due account receivable Received payment of principal plus interest from Sanchez for the September 3 note. Received payment of principal plus interest from Garcia for the August 7 note. Wrote off the Gonzalez account against the Allowance for Doubtful Accounts. General Journal Requirement General Ledger Schedule of Calculation of Receivables Interest Trial Balance Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest tabt ensure the accuracy of your entries. 1 of 1 !!! Nex