P8.9B (LO 1, 3) AP On January 2, 2021, Durand Co. had a $20,000, five-month, 6% note receivable from Vincent Company dated October 31, 2020. Interest receivable of $200 was accrued on the note on December 31, 2020. Interest on the note is due at maturity. Durand Co. has a December 31 fiscal year end and adjusts its accounts annually. In 2021, the following selected transactions occurred:

Record receivables transactions.

Jan. 2	Sold $25,000 of merchandise costing $13,750 to Braun Company, terms 2/10, n/30. Durand Co. uses the perpetual inventory system.
Feb. 1	Accepted Braun Companys $25,000, three-month, 6% note for the balance due. (See January 2 transaction.) Interest is due at maturity.
Mar. 31	Received payment in full from Vincent Company for the amount due.
May 1	Collected Braun Company note in full. (See February 1 transaction.)
25	Accepted Noah Inc.s $12,000, two-month, 6% note in settlement of a past-due balance on account. Interest is payable monthly.
June 25	Received one months interest from Noah Inc. on its note. (See May 25 transaction.)
July 25	The Noah Inc. note was dishonoured. (See May 25 transaction.) Future payment is not expected.
Nov. 30	Gave UOA Corp. a $10,000 cash loan and accepted UOAs four-month, 4.5% note. Interest is due at maturity.
Dec. 31	Accrued interest is recorded on any outstanding notes at year end.

Instructions

Record the above transactions. Assume Durand has no stated return policy.

(July 25 transaction is changed to Noah PAYS note)