HyLooi Food Products completed the following selected transactions:
2016
Nov. 1 Sold goods to NoExtras Foods, receiving a $300,000, six-month, 5 percent note. Ignore cost of goods sold.
Dec. 5 Recorded VISA credit card sale of $30,000. VISA charges a 4 percent fee.
31 Made an adjusting entry to accrue interest on the NoExtras note.
31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging analysis indicates that $154,000 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Doubtful Accounts is $140,000.
2017
May 1 Collected the maturity value of the NoExtras note.
15 Received a 60-day, 8 percent, $7,200 note from Sherwood Market on account.
Jun. 23 Sold merchandise to Meadows Foods, receiving a 30-day, 6 percent note for $18,000. Ignore cost of goods sold.
Jul. 14 Collected the maturity value of the Sherwood Market note.
23 Meadows Foods dishonoured (failed to pay) its note at maturity; converted the maturity value of the note to an account receivable.
Nov. 16 Lent $25,000 cash to Urban Provisions, receiving a 120-day, 8 percent note.
Dec. 5 Collected in full from Meadows Foods.
31 Accrued the interest on the Urban Provisions note.
Required
Record the transactions in the general journal. Explanations are not required.