Prepare general journal entries for the following transactions of Norman Company, assuming they se the allowance method to account for uncollectible accounts. Sold S3.500 of merchandise to Lance Co., receiving an 8%, 90-day, $3,500 note. 15 Wrote off $1,500 owed by Guy Co. from a previous period sale. 30 Received a $5,000, 696, 30-day note receivable from James Co. as settlement for its $5,000 account receivable. Apr 01 May 30 The note received from James on April 30 was collected in full. Jun 30 Lance Co. was unable to pay the note on the due date Jul 15 Guy Co. paid $1,000 of the amount written off on April 15