GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Griffin Company. Year 1 Dec. 16 Accepted a $14, 400, 60-day, 8: note in granting Tony Turner a time extension on his past-due account receivable. Made an adjusting entry to record the accrued interest on the Turner not 31 lote. Year 2 Feb. 14 Mar. 2 17 Apr. 16 May 31 Aug. 7 Received Turner's payment of principal and interest on the note dated December 16. Accepted a $11,000, 83, 90-day note in granting a time extension on the past-due account receivable from Duerr Co. Accepted a $11,400, 30-day, 10% note in granting June Taylor a time extension on her past-due account receivable. Taylor dishonored her note. Duerr Co. dishonored its note. Accepted a $22,000, 90-day, 123 note in granting a time extension on the past-due account receivable of Lee Co. Accepted a $4,200, 60-day, 103 note in granting Lindsey Martin a time extension on his past-due account receivable. Received payment of principal plus interest from Martin for the September 3 note. Received payment of principal plus interest from Lee for the August 7 note. Wrote off the Taylor account against the Allowance for Doubtful Accounts. Sep. 3 Nov. Nov. Dec. 2 5 1 Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Receivables Interest General Journal tab - Prepare the Year 2 journal entries related to the notes and accounts receivable of Griffin Co. Calculation of interest tab - Use the interest formula (P xRxT) to verify the amount of interest recorded in your entries. Verify that total interest revenue agrees with the trial balance.