Requirement 1. Record the transactions in Healthy Meals' journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required.

Journal Entry's:

Oct. 31: Sold goods to Buy Low Foods, receiving a $40,000, three-month, 6% note. (you do not need the cost of goods sold journal entry for this transaction.)

Dec. 31: Made an adjusting entry to accrue interest on the Buy Low Foods Note.

Jan. 31: Collected the Buy Low Foods note.

Feb. 18: Received a 90-day, 6.50%, $7,200 note from Dogwood Market on account.

Feb. 19: Sold the Dogwood Market note to Lakewood Bank, receiving cash of $7,000. (Debit the difference to financing expense)

Nov. 11: Loaned $15,800 cash to Sincere Provisions, receiving a 90-day, 9.75% note.

Dec. 31: Accrued the interest on the Sincere Provisions note. (Use 365 days in the interest calculation. Round your final calculations to the nearest whole dollar.)

Requirement 2. Show what Healthy Meals will report on its comparative classified balanced sheet at December 31, 2017 and December 31, 2016.

2016 Sold goods to Buy Low Foods, receiving a $40,000, three-month, 6% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Made an adjusting entry to accrue interest on the Buy Low Foods note. Oct 31 Dec 2017 Jan Feb 31 Collected the Buy Low Foods note. Received a 90-day, 6.50%, $7,200 note from Dogwood Market on account. 31 18 19 Sold the Dogwood Market note to Lakewood Bank, receiving cash of $7,000. (Debit the difference to financing expense.) Loaned $15,800 cash to Sincere Provisions, receiving a 90-day, 9.75% note. Accrued the interest on the Sincere Provisions note. Nov 11 Dec 31 Print Done sheet at December31,2017, and December 31, 2016. (Only report the related transactions given. ign