Dec 31. "record, expected credit losses for the year by and adjusting entry. Accounts written off during this first year have created a debit balance in the allowance for doubtful accounts of $24,500. and analysis of aged receivables indicates that the desired balance of the allowance account should be $21.300"

Journal Entries for Accounts and Notes Receivable Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Recelved a $30,000,60 diy, six percent note on account from R. Elliot. Aug7 Recelved payment from R. Elliot on her note (principal plus interest). Sep,1 Received an $18,000,120 day, seven percent note from B. Shore Company on account. Dec.16 Recelved a 514,400,45 day, elght percent note from C. Judd on account. Dec 30 B. Shore Company falled to pay its note. Dec.31 Wrote off B. Shores account as uncollectible. Ponoma, Inc. uses the allowance method of providing for credit losses. Dec:31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year hawe created a debit balance in the Dec.31 Made the appropriate adjusting entries for interest. Required Record the foregoing transactions and adjustments in general journal form. (Round all interest income calculations to the nearest