are out of 5200 P Flag question Journal Entries for Accounts and Notes Receivable Armstrong, Inc., began business on January 1. Several transactions for the year follow, May 2 Received a $15.400.60 dayten percent note on account from the Holt Company Jul 1 Received payment from Holt for its note plus interest. Jul. 1 Received a $20.000. 120 day, ten percent note from B. Rich Company on account Oct 30 B. Rich failed to pay its note Deco Wrote off B. Richy's account as uncollectible. Armstrong, Inc., uses the allowance method of providing for credit losses Dec. 11 Received a $22.000, 90 day. nine percent note from W. Maling on account Dec.31 Recorded expected credit losses for the year by an adjusting entry. The allowance for doubtful accounts has a debit balance of $29.300 as a result of accounts written off during this first year. An analysis of aged accounts receivables indicates that the desired balance of the allowance account is 6.300 Dec.31 Made the appropriate adjusting entries for interest Required Record the foregoing transactions and adjustments in general journal form. (Use 360 days for all interest calculations. Round all interest Income calculations to the nearest dollar) General Journal Description Debit Credit May 2 5 Date 5 Received a 60-day, 10 percent note in payment of account . $ Notes Receivable Holt Company To record collection of principal and interest from Holt Company 5 Received a 120 day, 10 percent note in payment of account Oct 30 o Record the foregoing transactions and adjustments in general journal form. (Use 360 days for all interest calculations. Round all interest Income calculations to the nearest dollar) General Journal Date Description Debit Credit May 2 5 Received a 60 day. 10 percent note in payment of account Jul 1 . 5 Notes Receivable Holt Company To record collection of principal and interest from Holt Company JULI $ Received a 120-day 10 percent note in payment of account Oct 3 5 Notes Receivable. Rich Company To record dishonoring of note by B. Rich Company I Dec. 9 5 5 Wrote off Rich's account Dec. 11 . 5 s Received a 90-day, 9 percent note on account. Dec.31 5 $ To record allowance for doubtful accounts Dec. 31 5 5 To accrue interest income on December 11 note Previous Save Answers