Year 1

December 16	Accepted a $16,800, 60-day, 12% note in granting Carolyn Collins a time extension on his past-due account receivable.
December 31	Made an adjusting entry to record the accrued interest on the Collins note.

Year 2

February 14	Received Collinss payment of principal and interest on the note dated December 16.
March 2	Accepted a $8,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Perry Company
March 17	Accepted a $12,600, 30-day, 8% note in granting Jim Ohlm a time extension on her past-due account receivable.
April 16	Ohlm dishonored her note.
31	Perry Company dishonored its note.
August 7	Accepted a $12,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Gonzalez Company
September 3	Accepted a $6,600, 60-day, 10% note in granting Greg Taylor a time extension on his past-due account receivable.
November 2	Received payment of principal plus interest from Taylor for the September 3 note.
November 5	Received payment of principal plus interest from Gonzalez for the August 7 note.
December 1	Wrote off the Ohlm 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