Austin, Inc., began business on January 1.

Several transactions for the year follow:

May 2 Received a \(\$ 30,000,60\) day, ten percent note on account from the Haskins Company.

July 1 Received payment from Haskins for its note plus interest.

1 Received a \(\$ 61,000,120\) day, nine percent note from R. Longo Company on account.

Oct. 29 R. Longo failed to pay its note.

Dec. 9 Wrote off R. Longo's account as uncollectible. Austin, Inc., uses the allowance method of providing for credit losses.

11 Received a \(\$ 42,000,90\) day, 12 percent note from R. Canal on account.

31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of \(\$ 61,000\). An analysis of aged accounts receivables indicates that the desired balance of the allowance account should be \(\$ 13,200\).

31 Made the appropriate adjusting entries for interest.

Required 

Record the foregoing transactions and adjustments in general journal form.