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Journal Entries for Accounts and Notes Receivable Lancaster, Inc., began business on January 1 . Certain transactions for the year follow: table [ [
Journal Entries for Accounts and Notes Receivable
Lancaster, Inc., began business on January Certain transactions for the year follow:
tableJunReceived a $ day, eight percent note on account from R Elliot.AugReceived payment from R Elliot on her note principal plus interestSepReceived a $ day, nine percent note from B Shore Company on account.DecReceived a $ day, ten percent note from C Judd on account.DecB Shore Company failed to pay its note.DecWrote off B Shore's account as uncollectible. Lancaster, Inc., uses the allowance methodof providing for credit losses.DecRecorded expected credit losses for the year by an adjusting entry. Accounts written offduring this first year have created a debit balance in the Allowance for Doubtful Accounts of$ An analysis of aged receivables indicates that the desired balance of theDecMade the appropriate adjusting entries for interest.
Required
Record the foregoing transactions and adjustments in general journal form. Use days for all interest calculations. Round all Interest Income calculations to the nearest dollar.
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