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The questions are journal entries: 1) 2/28 You received cash for the interest due from Dan Lawson and a new 60-day, 12% note as a renewal of the loan...
The questions are journal entries:
1) 2/28 You received cash for the interest due from Dan Lawson and a new 60-day, 12% note as a renewal of the loan of January 1.
2) 4/30 You received a new 10%, 30 day note for both principal and interest to replace the January 1 note from the Avondale Co. that matured. (the information for the Avondale on 1/1: You accepted a 120-day, 8% note for 45,000 from Avondale Co. on account.)
3) 5/31 You received full payment from Avondale Co. on the note date 4/30. (the information for Avondale on 4/30: is in question 2.)
4) 6/30 You received full payment from Crandall Co. on the note dishonored on 3/31 plus a 20% interest penalty on the 3/31 outstanding balance. ( On 1/1 you accepted a 90-day, 10% note for 12,000 from Crandall Co. on account. On 3/31 Crandall Co. dishonored its note of January 1.)
