Prepare general journal entries for the following transactions of Norman Company, assuming they

use the allowance method to account for uncollectible accounts.

Dec $01$: Sold $$3,500$ of merchandise to Lance Company, receiving an $8\%,90-$day, $$3,500$ note.

Dec $15$: Wrote off $$1,500$ owed by Guy Company from a previous period credit sale $($recorded as an

account receivable$).$

Dec $31$: Received a $$5,000,6\%,30-$day note receivable from James Company in exchange for its $$5,000$

account receivable.

Date

Account

Dr$.$

Cr$.$

Dec $31$: Prepare the adjusting entry to accrue interest on Lance Company's note $-$day, $$3,500$

note recorded on Dec $1).$

Date

Account

Dr$.$

Cr$.$