Following are transactions of the Purple Onion Company: 2022 Dec.16 Accepted a $24,000,60-day, 5.5% note...
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Following are transactions of the Purple Onion Company: 2022 Dec.16 Accepted a $24,000,60-day, 5.5% note dated this day in granting Hal Krueger a time extension on his past-due account. 31 Made an adjusting entry to record the accrued interest on the Krueger note. 31 Closed the Interest income account. 2023 Feb.14 Beceived Krueger's payment for the principal and interest on the note dated Decenber 16. Mar. 2 Accepted a $19,000,3.75%, 90-day note dated this day in granting a tine extension on the past-due account of ARC Company. 17 Accepted a $10,500,30- day, 4% note dated this day in granting Penny Bobek a time extension on her past-due account. Apr.16 Bobek dishonoured her note when presented for payment. Required: o. Prepare
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