Record the following selected transactions in the general journal of Scotty Paper Products. Explanations are not required.

Question:

Record the following selected transactions in the general journal of Scotty Paper Products. Explanations are not required.
2013
Nov. 21 Received an $18,000, 60-day, 4 percent note from Barb Nuefield on account.
30 Recorded VISA credit card sales of $26,000. VISA charges 3 percent of sales.
Dec. 31 Made an adjusting entry to accrue interest on the Nuefield note.
31 Made an adjusting entry to record bad-debt expense based on 3 percent of credit sales of $1,950,000.
31 Made a compound closing entry for Interest Revenue and Bad-Debt Expense (ignore credit-card sales and charges).
2014
Jan. 20 Collected the value of the Nuefield note.
Mar. 14 Lent $20,000 cash to Morgan Supplies, receiving a six-month, 5 percent note. 30 Received a $5,600, 30-day, 10 percent note from Quin Carson on his past-due account receivable.
May 29 Carson dishonoured (failed to pay) his note at after attempting to collect his note for one month, wrote off the account as uncollectible.
Sept. 14 Collected the value of the Morgan Supplies note.
30 Wrote off as uncollectible the of Sue Parsons, $3,250 and Mac Gally, $5,200.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...