Year 1

December 16	Accepted a $15,600, 60-day, 10% note in granting Paula Parker a time extension on his past-due account receivable.
December 31	Made an adjusting entry to record the accrued interest on the Parker note.

Year 2

February 14	Received Parkers payment of principal and interest on the note dated December 16.
March 2	Accepted a $7,000, 10%, 90-day note in granting a time extension on the past-due account receivable from King Company
March 17	Accepted a $12,000, 30-day, 7% note in granting Than Nguyen a time extension on her past-due account receivable.
April 16	Nguyen dishonored her note.
31	King Company dishonored its note.
August 7	Accepted a $10,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Clark Company
September 3	Accepted a $5,400, 60-day, 10% note in granting Leslie Stone a time extension on his past-due account receivable.
November 2	Received payment of principal plus interest from Stone for the September 3 note.
November 5	Received payment of principal plus interest from Clark for the August 7 note.
December 1	Wrote off the Nguyen account against the Allowance for Doubtful Accounts.