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4 Requirement (20 POINTS) Prepare the journal entries to record the transactions and events of below: 1/1/2019 Accepted a $12,000, 90 day, 10% note from

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4 Requirement (20 POINTS) Prepare the journal entries to record the transactions and events of below: 1/1/2019 Accepted a $12,000, 90 day, 10% note from Bluejay in exchange for merchandise that sells for $12,000 (the cost of sale was $6,000). 2/1/2019 Completed a $5,000 credit card sale with a 3% fee (the cost of sales was $2,500). The cash is transferred immediately from the credit card company 3/1/2019 Accepted a $8,000, 60 day, 6% note in granting Cardinal a time extension on his past due account receivable. 4/1/2019 Received Blue Jay's payment for principle and interest on the note dated Jan 1. 5/1/2019 Cardinal dishonors the note dated March 1. 6/1/2019 Wrote-off Cardinal's account receivable against the allowance for doubtful accounts. The Company uses the allowance method 9/1/2019 Receives the full amount owed from Cardinal that was previously written off on June 1. Record the bad debts recovery

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