GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Taylor Company. Year 1 Dec. 16 Accepted a $12,080, 60-day, 18% note in granting Rick Mitchell a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Mitchell note. Year 2 Feb. 14 Received Mitchell's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,800, 1806, 90-day note in granting a time extension on the past-due account receivable from Parker Co. 17 Accepted a $10,200, 30-day, ss note in granting Robert King a time extension on her past-due account receivable. Apr. 16 King dishonored her note. May 31 Parker Co. dishonored its note. Aug. 7 Accepted a $18,888, 98-day, 8% note in granting a tine extension on the past-due account receivable of Nguyen Co. Sep. 3 Accepted a $17,480, 60-day, 18 note in granting Juan Perez a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Perez for the September 3 note. Nov 5 Received payment of principal plus interest from Nguyen for the August 7 note. Dec. 1 Wrote off the King account against the Allowance for Doubtful Accounts. Answer is not complete. 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 Taylor 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. General General Schedule of Requirement Trial Balance Calculation of Journal Ledger Receivables 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. No Date General Journal Credit Debit 50 1 Feb 14 Interest receivable Interest revenue . 50 X Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that total interest revenue agrees with the trial balance. Dates: Jan 01 to! Dec 31 Taylor Co. Calculation of interest revenue February 14 - Mitchell 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' interest to be recorded in Year 2 Total interest revenue - Year 2 0