Quiz 3 - Accounting Receivable 1. Journalize the following transactions in the accounts of Simmons Company: Mar. 1 Received a $60,000,60-day, 6% note dated March 1 from Bynum Co. on account. 18 Received a $25,000,60-day, 9% note dated March 18 from Solo Co. on account. Apr. 30 The note dated March 1 from Bynum Co. is dishonored, and the customer's account is charged for the note, including interest. May 17 The note dated March 18 from Solo Co. is dishonored, and the customer's account is charged for the note, including interest. July 29 Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 8% on the total amount debited to Bynum Co. on April 30. Aug. 23 Wrote off against the allowance account the amount charged to Solo Co. on May 17 for the dishonored note dated March 18. 2. For a business that uses the allowance method of accounting for uncollectible receivables: \begin{tabular}{|c|c|} \hline a. & Journaline the entries to record the following: \\ \hline & \\ \hline & \begin{tabular}{l} 2) in March of the next year, the $350 owed by Fropk Co. on asoount is written off is \\ incollectible. \end{tabular} \\ \hline & \\ \hline & \\ \hline \end{tabular} method