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Record the transactions in the journal of Smarty Recliner Chairs. Explanations are not required. (Round to the nearest dollar.) Jul. 1: Sold inventory to StandMart,

Record the transactions in the journal of Smarty Recliner Chairs. Explanations are not required. (Round to the nearest dollar.)

Jul. 1: Sold inventory to StandMart, receiving a $35,000, nine-month, 16% note. Ignore Cost of Goods Sold.

December 31: Made an adjusting entry to accrue interest on the StandMart note.

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