Journal Entries for Accounts and Notes Receivable Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $30,000, 60 day, six percent note on account from R. Elliot. Aug.7 Received 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 Received a $14,400, 45 day, eight 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. 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 have created a debit balance in the Allowance for Doubtful Accoun 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.) Date Jun.8 General Journal Description Debit Credit 0 0 0 0 Received a 60-day, 6 percent note on account. Aug.7 0 0 0 0