PREPARE JOURNAL ENTRIES and also show Allowance for Doubtful Account in T account FOR THE FOLLOWING ENTRIES FOR CAYO HUESO COMPANY FOR THE MONTH OF DECEMBER, 20X1. THE BALANCE IN THE ALLOWANCE FOR DOUBTFUL ACCOUNTS ACCOUNT AT THE END OF NOVEMBER WAS $40,220. DATE: TRANSACTION: 1-Dec SET UP A PETTY CASH FUND WITH AN INITIAL BALANCE OF $500 2-Dec PURCHASED 100 UNITS OF COMMODITY X AT A UNIT COST OF $150 (TERMS OF SALE WERE "NET 30"). THE PRODUCT WILL BE RESOLD. THIS IS A NEW PRODUCT FOR CAYO HUESO. 6-Dec RETURNED 10 DEFECTIVE UNITS OF THE PRODUCT PURCHASED ON 12/2 10-Dec SOLD 30 UNITS OF COMMODITY X AT A PRICE OF $250 PER UNIT (TERMS 3/10, NET/30) 12-Dec ACCEPTED A 12% $9,000 120 DAY NOTE RECEIVABLE FROM MACLAIN INC IN SETTLEMENT OF AN ACCOUNT RECEIVABLE. (ALSO, DETERMINE THE DUE DATE OF THE NOTE AND THE MATURITY VALUE OF THE NOTE) 14-Dec RECEIVED 60% OF THE $12,000 BALANCE OWED ON EMPIRE'S OPEN ACCOUNT RECEIVABLE AND WROTE OFF THE REMAINING BALANCE. 19-Dec RECEIVED A CHECK FROM THE CUSTOMER FROM 12/10 TO PAY OFF HIS ACCOUNT CUSTOMER TOOK ADVANTAGE OF DISCOUNT TERMS. 20-Dec RECEIVED A CHECK FROM SCOTT KIRBY IN THE AMOUNT OF $5,700. HIS ACCOUNT HAD BEEN WRITTEN OFF AS UNCOLLECTIBLE IN THE PREVIOUS YEAR. 29-Dec PAID THE BALANCE DUE FROM THE PURCHASE ON 12/2 30-Dec REIMBURSED PETTY CASH. THERE WAS $173 IN THE PETTY CASH BOX. THE FOLLOWING SUMMARY OF PETTY CASH RECEIPTS FOLLOWS: OFFICE SUPPLIES: 30 DELIVERY SERVICES: 63 POSTAGE 86 MEETING EXPENSE: 150 31-Dec WROTE OFF THE FOLLOWING ACCOUNTS AS UNCOLLECTIBLE: REGENCY - $4,800, CHAMPION - 3,900, GOLDEN - 2,600, ALLMAN - $1,200 31-Dec BASED ON AN ANALYSIS OF ACCOUNTS RECEIVABLE, IT WAS ESTIMATED THAT $24,300 WILL BE UNCOLLECTIBLE.