=+June 2. Received a 60-day, 9% note for $80,000 on the Stevens account.

Aug. 1. Received amount owed on June 2 note, plus interest at the maturity date.

8. Received $3,400 on the Jacobs account and wrote off the remainder owed on a $4,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.)

Comprehensive Problem 3

✔ 5. Total assets,

$1,567,300