It says it’s not complete please help GLO701 - Based on Problem 7-5A LO C2, C3, P4The following selected transactions are from Garcia Company.Year 1Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable.31 Made an adjusting entry to record the accrued interest on the Griffin note.Year 2Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16.Mar.2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co.17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable.Apr. 16May 31 Wright Co. dishonored its note.Aug.Sep.Nov.Lee dishonored her note.7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Co.3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable.2 Received payment of principal plus interest from Gonzalez for the September 3 note.5 Received payment of principal plus interest from Collins for the August 7 note.Wrote off the Lee account against the Allowance for Doubtful Accounts.Nov.Dec.1Answer is not complete.GeneralJournalSchedule ofReceivables,RequirementGeneralTrial BalanceCalculation ofLedgerInterestPrepare the journal entries related to notes receivable and accounts receivable. Hint: Use the "Calculation ofInterest" tab to ensure the accuracy of your entries.NoDateGeneral JournalDebitCredit< Prev5 of 5Nextere to search Interest" tab to ensure the accuracy of your entries.NoDateGeneral JournalDebitCredit1Feb 14Cash20,808 ONotes receivable - R. Griffin20,400Interest receivable102Interest revenue306 O2Mar 02Notes receivable - Wright Co.9,000Accounts receivable - Wright Co.9,000 O3.Mar 17Notes receivable - W. Lee7.200 OAccounts receivable - W. Lee7.2004Apr 16Accounts receivable - W. Lee7,260 OInterest revenue60 ONotes receivable - W. Lee7.200 OMay 31Accounts receivable - Wright Co.O9,135Interest revenue135 ONotes receivable - Wright Co.9,000 O6Aug 07Notes receivable - Collins22,000 OAccounts receivable - Collins22,000O7.Sep 03Notes receivable - M. Gonzalez11.400 OAccounts receivable - M. Gonzalez11,400 O8Nov 02Cash11,590 ONotes receivable - M. Gonzalez11.400 OInterest revenue190Nov 05Cash22,550 ONotes receivable- Collins22.000OInterest revenue55010Dec 01Allowance for doubtful accounts7,200 OAccounts receivable - W. Lee7.260< RequirementGeneral Ledoer

1. Journal Entries - Journal Entries are the transaction recorded in the first place. Transactions…

Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Lee dishonored her note. Apr. 16 May 31 Wright Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Co. Sep. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. Nov. Nov. Dec. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. 5 Received payment of principal plus interest from Collins for the August 7 note. Wrote off the Lee account against the Allowance for Doubtful Accounts. 1 O Ancwor i

Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7,200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Lee dishonored her note. Apr. 16 May 31 Wright Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due account receivable of Collins Co. Sep. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. Nov. Nov. Dec. 2 Received payment of principal plus interest from Gonzalez for the September 3 note. 5 Received payment of principal plus interest from Collins for the August 7 note. Wrote off the Lee account against the Allowance for Doubtful Accounts. 1 O Ancwor i

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 16EB: Element Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in...

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