B. Journal Entries for Accounts and Notes Receivable Armstrong, Inc., began business on January 1. LO2, 4 Several transactions for the year follow: May July Received a $16,500, 60 day, ten percent note on account from the Holt Company. Received payment from Holt for its note plus interest 2 1 1 Received a $27,000, 120 day, ten percent note from B. Rich Company on account 29 B. Rich failed to pay its note. Oct. Dec. 9 Wrote off B. Rich's account as uncollectible. Armstrong, Inc., uses the allowance method of providing for credit losses. Received a $25,000, 90 day, nine percent note from W. Maling on account. Recorded expected credit losses for the year by an adjusting entry. The allowance for doubtful accounts has a debit balance of $28,300 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 $5,800. Made the appropriate adjusting entries for interest. 11 31 31 Required Record the foregoing transactions and adjustments in general journal form