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2016Dec.16Accepted a $16,800, 60-day, 12% note dated this day in granting Leslie Stone a time extension on his past-due account receivable.
2016 Dec. 16 Accepted a $16,800, 60-day, 12% note dated this day in granting Leslie Stone a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Stone note. 2017 Feb. 14 Received Stone's payment of principal and interest on the note dated December 16.Mar. 2 Accepted a $11,000, 6%, 90-day note dated this day in granting a time extension on the past-due account receivable from Griffin Co. 17 Accepted a $5,400, 30-day, 8% note dated this day in granting Kay Wright a time extension on her past-due account receivable.Apr. 16 Wright dishonored her note when presented for payment.May 31 Griffin Co. refused to pay the note that was due to Lauer Co. on May 31. Prepare the journal entry to charge the dishonored note plus accrued interest to Griffin Co.'s accounts receivable.July 16 Received payment from Griffin Co. for the maturity value of its dishonored note plus interest for 46 days beyond maturity at 6%.Aug. 7 Accepted a $16,000, 90-day, 8% note dated this day in granting a time extension on the past-due account receivable of Lee Co.Sep. 3 Accepted a $7,800, 60-day, 10% note dated this day in granting Paul Brown a time extension on his past-due account receivable.Nov. 2 Received payment of principal plus interest from Brown for the September 3 note.Nov. 5 Received payment of principal plus interest from Lee for the August 7 note.Dec. 1 Wrote off the Wright account against the Allowance for Doubtful Accounts.
