Question 3 (25 marks) Assume the following transactions were completed by Dandy Distributors: 2017 December 01: Sold goods to Savanna Select, and received a $ 50,000, 6-month, 2% note. Ignore cost of goods sold. December 31: Made an adjusting journal entry to accrue interest on the Savanna Select note. December 31: Made an adjusting journal entry to record bad debt expense, which was based on the aging of accounts receivable. The aging analysis revealed that $ 60,000 of accounts receivable would not be collected. Prior to this adjustment, the credit balance in the allowance for doubtful accounts was $ 49,000. 2018 June 1: Collected the maturity value of the Savanna Select note. June 30: Sold goods for $20,000 on MasterCard. MasterCard charged 2%. August 01: Sold goods to Norfolk, and received a 45-day, 4% note for $ 30,000. Ignore cost of goods sold. September 15: Norfolk defaulted (i.e., failed to pay) his note at maturity, converted the maturing value of the note to an accounts receivable. November 20: Sold goods to Money Management for $ 50,000, and received a 120-day, 3% note. Ignore cost of goods sold. December 10: Collected in full from Norfolk December 31: Accrued the interest on the Money Management note. Required: Record the above transactions in the general journal. Explanations are not required. Round interest amounts to the nearest dollar