Resting Recliner Chairs completed the following selected transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Resting Recliner Chairs. Explanations are not required. (Round to the nearest dollar.) (F year.) Begin with the transactions for 2024. Jul. 1: Sold inventory to Gray Mart, receiving a $40,000, nine-month, 10% note. Ignore Cost of Goout Sold. Date Accounts Debit 2024 Credit Jul. 1 airs. Explanations are not required. (Round to the nearest dollar.) (Record debits first, then credits. Exclude explanatio i More Info 2024 Jul. 1 Oct. 31 Dec. 31 Sold merchandise inventory to Gray Mart, receiving a $40,000, nine-month, 10% note. Ignore Cost of Goods Sold Recorded cash sales for the period of $22,000. Ignore Cost of Goods Sold. Made an adjusting entry to accrue interest on the Gray Mart note. Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $14,200 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11,200. Dec. 31 2025 Apr. 1 Jun. 23 Aug. 22 Collected the maturity value of the Gray Mart note. Sold merchandise inventory to Ambiance, Corp., receiving a 60-day, 9% note for $10,000. Ignore Cost of Goods Sold. Ambiance, Corp. dishonored its note at maturity: the business converted the maturity value of the note to an account receivable. Loaned $24,000 cash to Crenshaw, Inc., receiving a 90-day, 14% note. Collected in full on account from Ambiance, Corp. Accrued the interest on the Crenshaw, Inc. note. Nov. 16 Dec. 5 Dec. 31 Print Done