Lilley & Taylor, partners in an accounting practice, completed the following selected transactions:

{Requirements}
1. Record the transactions in Lilley \& Taylor's journal. Round all amounts to the nearest dollar. Explanations are not required.
2. Show what Lilley \& Taylor will report on its comparative classified balance sheet at Account for uncollectibles December 31, 2020, and December 31, 2019.

Transcribed Image Text:

2019 Oct. 31 Performed service for Berger Manufacturing Inc., receiving a $30,000, three-month, 5% note. Dec. 31 Made an adjusting entry to accrue interest on the Berger note. 2020 Jan. 31 Feb. 18 19 Nov. 12 Dec. 31 Collected the Berger note. Received a 90-day, 8%, $20,000 note from Emerson Ltd., on account. Sold the Emerson note to a financial institution, receiving cash of $9,700. Loaned $20,000 cash to Diaz Insurance Agency, receiving a 90-day, 9% note. Accrued the interest on the Diaz note.