B3 (continued) Part II IGM Limited is a company specialized in the trading of books and uses periodic inventory system. The following events are occurred: 1 April 15 April 30 April 30 May 15 July Required: Sold books of value $7,100 to Annie Limited on account. Wrote off $4,000 of account receivable under a customer named May Company. Received a $12,000, 5%, 1-month note receivable from a client, Cannon Company as exchange for Cannon's $12,000 account receivable. The note received from Cannon Company on April 30 was collected in full. May Company paid $2,100 of the amount previously written off on 15 April. Prepare journal entries for the above transactions of IGM Limited, assuming IGM Limited uses the allowance method to write off the uncollectible accounts. (7 marks)