I need help with #7 please.

I. Journalize each economic event below:

1. Company XYZ has credit sales of $1,500,000. They estimate that 15% will be uncollectible.

Account	Ref.	Debit	Credit
Allowance for doubtful accounts		$225,000
Accounts Receivable			$225,000

1. Company XYZ decided that the following accounts are uncollectible: A/R Jamie Moyer, $1600; A/R David Wright, $2500; A/R Carlos Beltran, $5000.

Account	Ref.	Debit	Credit
Allowance for doubtful accounts		$9,100
Jamie Moyer			$1,600
David Wright			$2,500
Carlos Beltron			$5,000

1. Carlos Beltran and David Wright paid amounts owed to XYZ.

Account	Ref.	Debit	Credit
A/R- Carlos Beltran		$5,000
A/R- David Wright		$2,500
Allowance for doubtful accounts			$7,500
Cash		$7,500
A/R- Carlos Beltran			$5,000
A/R- David Wright			$2,500

1. Company ABC has $495,000 in receivables. They have decided to sell them to a factor who will charge a 3% fee.

Account	Ref.	Debit	Credit
Cash		$480,150
Free charge- Sale of accounts receivable		$14,850
Accounts receivable			$495,000

1. Company ABC sold merchandise to a customer who paid with a Visa credit card. The sale totaled $4800. Visa charges a 4% fee.

Account	Ref.	Debit	Credit
Bank		$4,608
Visa Charges Credit Card		$192
Sales			$4,800

1. Company XLS has receivables totaling $780,000. They use an Aging of Receivables Report to estimate what will be uncollectible.
   1. Complete the Aging of Receivables Report to determine uncollectible amount. Record the transaction.

Aging of Receivables Report
Amount of Receivable	$300,000	$218,000	$101,000	$88,500	$72,500
Days Owed	0-30	31-60	61-90	91-120	Over 120
Percent Uncollectible	1.5%	3%	7%	12%	18%
Amount Uncollectible	4,500	6,540	7,070	10,620	13,050
Total Estimated Uncollectible:	$41,780

Account	Ref.	Debit	Credit
Allowance of Uncollectible accounts		$41,780
Accounts receivable			$41,780

7. On November 1, Baylee Company sold merchandise to a customer who signed a 3.75%, 9 month note; Total merchandise sold: $14,000. Record the following:

1. November 1 sale
2. Accrued interest as of December 31
3. Retirement of the note on July 31

Account	Ref.	Debit	Credit