Question

The following transactions are from Ohlm Company. (Use 360 days a year.)
 
Year 1

Dec.		16		Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.
		31		Made an adjusting entry to record the accrued interest on the Todd note.

Year 2

Feb.		14		Received Todd’s payment of principal and interest on the note dated December 16.
Mar.		2		Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.
		17		Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable.
Apr.		16		Privet dishonored her note.
May		31		Midnight Co. dishonored its note.
Aug.		7		Accepted a $7,440, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co.
Sep.		3		Accepted a $2,100, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable.
Nov.		2		Received payment of principal plus interest from Carson for the September 3 note.
Nov.		5		Received payment of principal plus interest from Mulan for the August 7 note.
Dec.		1		Wrote off the Privet account against the Allowance for Doubtful Accounts.