Journal Entries for Bankruptcy Trustee

The balance sheet of the Binder Company immediately prior to entering bankruptcy proceedings and a balance sheet prepared during liquidation follows:

Amounts due do not exceed statutory limits per employee.

$**$ Of the notes payable, $$25,000$ are secured the inventories. The remaining notes payable and the accounts payable are unsecured.

The inventory was sold at $40$ percent of its book value. Seventy percent of the accounts receivable were collected; the rest were written off.

Required

Reconstruct the journal entries made by Alfred Wade, Trustee for Binder Company, from June $30$ to December $31.$