Question 3 (15 Marks) On February 28, Simran Ltd. had the following balances in its Accounts Receivable and Allowance Accounts. Assume all account balances are their normal balances. Accounts Receivable $500,000 Allowance for Doubtful Accounts $31,000 Simran's fiscal year end is July 31. The following selected transactions occurred throughout the fiscal year. Simran uses the perpetual inventory system. Mar 15 Made credit sales of $25,000 to Alphi Ltd., terms 2/10, 1/30. The cost of goods sold for these sales totalled $15,000. Apr. 1 Received a payment of $16,000 from Alphi and agreed to accept a two-month note receivable with interest of 24% per annum (2% per month) for the remaining balance. Apr. 30 Accrued the interest on the Alphi note. May 10 Wrote off $32,000 of accounts receivable determined as uncollectible. May 31 Accrued the interest on the Alphi note. June 1 Collected the note receivable from Alphi in full. July 16 One of the accounts receivable previously written off in May was repaid in full for $8,000. July 31 By using an aging schedule at year end, uncollectible accounts are now estimated to be $42,000 INSTRUCTIONS: Record all of the above transaction journal entries as appropriate/required