On january 1 2014 Morfitt company had accounts receivable $98,000 and allowance for doubtful accounts $8,100. Morfitt Company prepares financial statements annually. During the year, the following selected transactions occured

Jan 5- Sold $10,800 of merchandise to motte company, terms n/30

Feb 2--- Accepted a $10,800 4-month 9% promissory note from motte company for the balance due

Feb 12th- Sold $13,500 of merchandise to Gitchel Company and accepted Gitchel's $13,500, 2-month, 8% note for the balance due

Feb 26-- Sold $9,000 of merchandise to Benedict co terms n/10

April 5th- Accepted a $9,000, 3-month, 8% note from Benedict Co for the balance due

April 12- Collected Gitchel Company note in full

June 2 Collected Motte Comapny note in full

July 5- Beneduct Co dishonors its note of April 5th. It is expected that Benedict will eventually pay the amount owed

July 15- Sold $12,000 of merchandise to Kriley Co. and accepted Kriley's $12,000 3-month, 12% note for the amount due

Oct 15- Kriely's Co note was dishonored. Kriley Co is bankrupt, and there is no hope of future settlement

Instrustions : Journalize the transactions