May 1 Received a $12,000, six-month, 6% note from Jioux Company in settlement of an account receivable. Interest is due at maturity. June Accrued interest on the Jioux note, at Cullumber's year end. Adjustments are recorded annually. July 31 Lent $3,600 cash to an employee, Noreen Irvine, receiving a two-month, 5% note. Interest is due at the end of each month. Aug. Received the interest due from Ms. Irvine. Sept. Received payment in full from Ms. Irvine. Nov. 1 Jioux Company defaulted on its note. Cullumber does not expect to collect on the note. Record the transactions for Cullumber Co. Cullumber Co. uses only one allowance account for both accounts and notes receivale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276. Record journal entries in the order presented in the problem.) Question 3 of 3 i (Accept note for accounts receivable.) (To accrue interest earned.) (Loan cash in exchange for note.) (Collect interest earned.) Question 3 of 3 i /15 (Collect interest earned.) (To record collection of note receivable and interest.) (To record dishonouring of note where collection is not expected.) eTextbook and Media Save for Later Attempts: 0 of 5 used Submit