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Journal Date Account Debit Credit Receivables 527 Accounting for uncollectible accounts (acine-of-receivables method). notes receivable, and accrued interest revenue Recliner Chairs completed the following selected transactions Learning Objectives 1, 3, 4 S o Dec. 31, 2018 Interest Receivable $1,640 2018 1 Sold merchandise inventory to Stan-Mart, receiving a $41,000, nine-month, 8% note. Ignore Cost of Goods Sold. Oct 31 Recorded cash sales for the period of $24,000. Ignore Cost of Goods Sold. Dec 31 Made an adjusting entry to accrue interest on the Stan-Mart note. 31 Made an adjusting entry to record bad debts expense based on an aging of accounts receivable. The aging schedule shows that $13,800 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11,800. 2019 Apr. 1 Collected the maturity value of the Stan-Mart note. Jun 23 Sold merchandise inventory to Appeal, Corp., receiving a 60-day, 6% note for $7,000. Ignore Cost of Goods Sold. Aug. 22 Appeal, Corp. dishonored its note at maturity, the business converted the maturity value of the note to an account receivable, Nov. 16 Loaned $17,000 cash to Crosby, Inc., receiving a 90-day, 16% note. Dec. 5 Collected in full on account from Appeal, Corp. 31 Accrued the interest on the Crosby, Inc. note. Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (Round to the nearest dollar.) iraterest Learning Objective 4

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