More Info - 2018 Jul. 1 Oct. 31 Dec. 31 Sold merchandise inventory to Green-Mart, receiving a $42,000, nine-month, 14% note. Ignore Cost of Goods Sold. Recorded cash sales for the period of $16,000. Ignore Cost of Goods Sold. Made an adjusting entry to accrue interest on the Green-Mart note. Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $14,900 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11,200. Dec. 31 2019 Apr. 1 Jun. 23 Aug. 22 Nov. 16 Dec. 5 Collected the maturity value of the Green-Mart note. Sold merchandise inventory to Ambiance, Corp., receiving a 60-day, 12% note for $9,000. Ignore Cost of Goods Sold. Ambiance, Corp. dishonored its note at maturity, the business converted the maturity value of the note to an account receivable. Loaned $24,000 cash to Crane, Inc., receiving a 90-day, 10% note. Collected in full on account from Ambiance, Corp. Accrued the interest on the Crane, Inc. note. Dec. 31 Print Done New Style Recliner Chairs completed the following selected transactions (Click the icon to view the transactions.) Record the transactions in the journal of New Style Recliner Chairs. Explanations are not required. (Round to the nearest dollar) (Record debits first, then credits. Exclude explanations from journal entries. For notes stated in days, use a 365-day year.) Begin with the transactions for 2018 Jul 1. Sold inventory to Green-Mart, receiving a S42,000, niine-month, 14% note. Ignore Cost of Goods Sold Date Accounts Debit Credit 2018 Jul 1 Oct. 31: Recorded cash sales for the period of $16,000. Ignore Cost of Goods Sold. Date Accounts Debit Credit 2018 Oct 31 Dec 31. Made an adjusting entry to accrue interest on the Green - Mart note. Date Accounts Debit Credit 2018 Dec 31 Dec 31: Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $14,900 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11.200 Date Accounts Debit Credit 2018 Dec 31 Now record the transactions for 2019. Apr 1: Collected the maturity value of the Green - Mart note Date Accounts Debit Credit 2019 Apr. 1 Jun 23. Sold merchandise to Ambiance Corp. receiving a 60-day, 12% note for $9,000 Ignore Cost of Goods Sold, Date Accounts Debit Credit 2019 Jun. 23 Aug. 22: Ambiance, Corp. dishonored its note at maturity, the business converted the maturity value of the note to an account receivable. Date Accounts Debit Credit 2019 Aug. 22 Nov. 16: Loaned $24,000 cash to Crane, Inc., receiving a 90-day, 10% note. Date Accounts Debit Credit 2019 Nov. 16 Dec. 5. Collected in full on account from Ambiance, Corp. Date Accounts Debit Credit 2019 Dec. 5 Dec 31: Accrued the interest on the Crane, Inc., note. Date Accounts Debit Credit 2019 Dec. 31 Cost Accounts ReceivableAmbiance, Corp. Accounts Receivable-Crane, Inc. Accounts Receivable-Green-Mart Re Allowance for Bad Debts Bad Debts Expense Cash Interest Receivable Interest Revenue Note Receivable-Ambiance, Corp. Note Receivable-Crane, Inc. Note Receivable-Green-Mart Sales Revenue