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Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $15,000, 60

Journal Entries for Accounts and Notes Receivable Pittsburgh, Inc., began business on January 1. Certain transactions for the year follow:

Jun.8 Received a $15,000, 60 day, eight percent note on account from J. Albert.
Aug.7 Received payment from J. Albert on his note (principal plus interest).
Sep.1 Received a $36,000, 120 day, seven percent note from R.T. Matthews Company on account.
Dec.16 Received a $28,800, 45 day, ten percent note from D. LeRoy on account.
Dec.30 R.T. Matthews Company failed to pay its note.
Dec.31 Wrote off R.T. Matthews account as uncollectible. Pittsburgh, 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 $45,200. An analysis of aged receivables indicates that the desired balance of the allowance account should be $41,000.
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 dollar.)

General Journal
Date Description Debit Credit
Jun.8 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
Received 60 day, 8 percent note on account.
Aug.7 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
Notes ReceivableJ. Albert Answer Answer
To record receipt of principal plus interest from J. Albert.
Sep.1 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
Received a 120 day, 9 percent note on account.
Dec.16 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
Received a 45-day, 10 percent note on account.
Dec.30 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
Notes ReceivableR.T. Matthews Answer Answer
To record dishonoring of R.T. Matthews's note.
Dec.31 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
To write off R.T. Matthews's account.
Dec.31 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
To record allowance for uncollectible accounts.
Dec.31 AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
AnswerAccounts Receivable - R.T. Matthews CompanyAccounts ReceivableD. LeroyAccounts ReceivableJ. AlbertAllowance for Doubtful AccountsBad Debts ExpenseCashInterest IncomeInterest ReceivableNotes ReceivableR.T. MatthewsNotes ReceivableD. LeroyNotes ReceivableJ. Albert Answer Answer
To accrue interest income on December 16 note.

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