Question3 (25marks) 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 . December 31: Made an adjusting journal entry to accrue interest on the Savanna Select . December 31: Made an adjusting journal entry to record bad debt expense, which was Ignore cost of goods sold. note based on theaging ofaccounts receivable. The aging analysis revealed that S 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 S 50,000, and received a 120-day, 390 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 joumal. Explanations are not required. Round interest amounts to the nearest dollar