Journal Entries for Accounts and Notes Receivable

Lancaster, Inc., began business on January $1.$ Certain transactions for the year follow:

$\backslash$table$[[$Jun$.8,$Received a $$15,000,60$ day, eight percent note on account from R$.$ Elliot.$],[$Aug$\mathrm{.}7,$Received payment from R$.$ Elliot on her note $($principal plus interest$).],[$Sep$\mathrm{.}1,$Received a $$18,000,120$ day, nine percent note from B$.$ Shore Company on account.$],[$Dec$.16,$Received a $$14,400,45$ day, ten percent note from C$.$ Judd on account.$],[$Dec$.30,$B$.$ Shore Company failed to pay its note.$],[$Dec$.31,$Wrote off B$.$ Shore's account as uncollectible. Lancaster, Inc., uses the allowance method$],[,$of providing for credit losses.$],[$Dec$.31,$Recorded expected credit losses for the year by an adjusting entry. Accounts written off$],[,$during this first year have created a debit balance in the Allowance for Doubtful Accounts of$],[,$$$22,600.$ An analysis of aged receivables indicates that the desired balance of the$],[$Dec$\mathrm{.}31,$Made the appropriate adjusting entries for interest.$]]$

Required

Record the foregoing transactions and adjustments in general journal form. $($Use $360$ days for all interest calculations. Round all Interest Income calculations to the nearest dollar.$)$