GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Lee Company. Year 1 Dec. 16 Accepted a $13,200, 60-day, 12% note in granting Juan Perez a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Perez note. Year 2 Feb. 14 Received Perez's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $8,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Stone Co. 17 Accepted a $3,600, 30-day, 9% note in granting Rita Griffin a time extension on her past-due account receivable. Apr. 16 Griffin dishonored her note. May 31 Stone Co. dishonored its note. Aug. 7 Accepted a $10,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Wright Co. Sep. 3 Accepted a $4,200, 60-day, 8% note in granting Kathy Perry a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Perry for the September 3 note. Nov. 5 Received payment of principal plus interest from Wright for the August 7 note. Dec. 1 Wrote off the Griffin 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. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Lee Co. Calculation of interest tab Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance. Requirement General Journal > Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Feb. 14 Received Perez's payment of principal and interest on the $13,200, 60-day, 12% note dated December 16. The Lee Company does not prepare reversing entries. Verify the amount of interest using the "CALCULATION OF INTEREST" tab. Note: Enter debits before credits. General Journal Debit Credit Date Feb 14 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Mar. 2 Accepted an $8,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Stone Co. Note: Enter debits before credits. Date General Journal Debit Credit Mar 02 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Mar. 17 Accepted a $3,600, 30-day, 9% note in granting Rita Griffin a time extension on her past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Mar 17 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Apr. 16 Griffin dishonored her note. Note: Enter debits before credits. Date General Journal Debit Credit Apr 16 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet May 31 Stone Co. dishonored its note. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Aug. 7 Accepted a(n) $10,000, 90-day, 6% note in granting a time extension on the past-due account receivable of Wright Co. Note: Enter debits before credits. Date General Journal Debit Credit Aug 07 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Sept. 3 Accepted a $4,200, 60-day, 8% note in granting Kathy Perry a time extension on his past-due account receivable. Note: Enter debits before credits. Date General Journal Debit Credit Sep 03 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Nov. 2 Received payment of principal plus interest from Perry for the September 3 note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 02 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet Nov. 5 Received payment of principal plus interest from Wright for the August 7 note. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Prepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. View transaction list Journal entry worksheet