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1 GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Collins Company. ints 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 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. 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. Co. N Requirement General Journal General Ledger Trial Balance Schedule of Receivables Calculation of Interest Here are the balances in Accounts and Notes receivable based on your journal entries: Dates: Jan 01 to: Dec 31 Collins Co. Schedule of Accounts Receivable Accounts receivable - R. Mitchell 0 Accounts receivable - Gonzalez Co. 10,200 10,200 Total accounts receivable Collins Co. Schedule of Notes Receivable Notes receivable - R. Mitchell 0 Total accounts receivable 0 Trial Balance Calculation of Interest